6/5/2009

Turkish carmakers, miners advance on Erdogan’s stimulus plan

Bloomberg - Turkish carmakers and mining companies gained after Turkish Prime Minister Recep Tayyip Erdogan announced measures to boost the economy. Karsan Otomotiv Sanayi ve Ticaret AS, a commercial vehicles manufacturer, rose to an eight-month high, jumping YKr 9, or 7.4 percent, to TRY 1.3 at 11:38 a.m. on June 4th when Prime Minister Erdogan announced the new incentives. Koza Anadolu Metal Madencilik Isletmeleri AS, the owner of gold mines on Turkey’s Aegean coast, gained for the first time in three days, soaring YKr 6, or 2.1 percent, to TRY 2.92. Tofas Turk Otomobil Fabrikasi AS, the Turkish unit of Fiat SpA, gained as much as seven percent, the most since May 20 and traded YKr 6, or 2.1 percent, higher at TRY 2.92 with the announcement of the new stimulus plan.
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