ISTANBUL - Referans
Continuing fluctuation in global markets, and the domestic instability of recent months, failed to slow 33 companies trading on the Istanbul Stock Exchange, or IMKB. As the benchmark IMKB-100 index lost 14 percent in value in one month with the impact of domestic and global uncertainties, 33 companies trading at the IMKB rose as much as 75 percent during the same period. Shares of sports clubs gained significant value, while share-based movements remaining distant to impacts within their sectors also drew attention.
Within the last one-month period, four companies saw share values rise between 30 and 75 percent. Among them, Kütahya Porselen, the leading porcelain tableware manufacturer in Turkey, ranked first with a 72 percent yield. Shares of Fenerbahçe Sportif, a sports club, ranked second with a 47 percent rise in value, while Finans Leasing shares ranked third with a yield of 44 percent.
The rise in the value of sports club shares stemmed from the industry's distance from political tensions and rumors of a 15 percent tax reduction by the Finance Ministry, following on the backdrop of the national team's success in EURO 2008.
Fenerbahçe Sportif shares, which were traded for YTL 54.50 a month ago, rose to YTL 80, bringing the company's value to YTL 2 billion. Over this period, Galatasaray shares climbed from YTL 105 to YTL 129.
Shares of İnfotrend Type B Menkul Kıymetler Yatırım Ortaklığı, a securities investment trust that witnessed sharp price fluctuations recently, rose 35.2 percent in one month. The firm's shares are now traded at a market value of YTL 4.6 million.
During the same period, shares of Finans Leasing rose 43.9 percent. The rise is likely to have stemmed from a court approval of the firm's objection to the call price determined by the handover of the Grifin International Umbrella Fund to the National Bank of Greece, or NBG.
Sharp rise in Kütahya:
Kütahya Porselen, whose 26.3 percent remains open to the public, has recently witnessed swift rises in its shares. The market value of Kütahya, which rose 72 percent within the last one-month period, reached YTL 56.7 million. The company had increased its capital reserves to YTL 28.51 million June 12.
As the impact of cheap porcelain from China has been felt within the Turkish porcelain sector over the last few years, the rapid rise of Kütahya Porselen shares is believed to be based upon its increase in capital, as well as its low free float rate and positive expectations, experts said.
Meanwhile, Erdemir, the largest integrated steel plant in the country, which is included in the IMKB-30 Index, was among the shares that rose in value in the last month. Erdemir shares provided yields to its investors following a 13 percent rise in value during the period.