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Turkiye Garanti Bankasi A.S. ADROTCQX
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  • May 20, 2015, 11:09 AM
    • “Domestic financial market stress remains at elevated levels, re-focusing Central Bank of the Republic of Turkey policy on stemming macro-financial risks," says SocGen's Phoenix Kalen, as the central bank refrain from hiking its benchmark overnight rate from 10.75%.
    • "Notwithstanding a brief respite this month on the heels of unconvincing US economic data, with the Turkish lira regaining a small patch of lost ground, liquidity conditions and banking sector funding costs remain at stressed levels in Turkey."
    • TUR -0.2%, Akbank (OTCQX:AKBTY -1.5%), Garanti Bankasi (OTCQX:TKGBY -1.1%)
    • Source: Barron's
    | May 20, 2015, 11:09 AM
  • Mar. 4, 2015, 3:01 PM
    • A record low for Turkey's lira against the dollar is driving the country's market lower -- and the currency's performance tends to hit wireless provider Turkcell (TKC -2.4%).
    • The Turkish lira would be the world's worst performer in emerging markets, except for the Brazilian real.
    • Conflict continues between the country's central bank and the government of President Recep Tayyip Erdogan, who's accused the bank of treason for resisting rate cuts.
    • Meanwhile, with the announcement of 4G tender specifications by the government, Turkcell says it's ready to launch 4G service in country "at the earliest possible time." The tender is expected by the end of May; "Had the government held the tender tomorrow, we would have been ready for it," says acting CEO Ilker Kuruoz.
    • Related stocks: (OTCPK:OGZPY -2.3%), (OTCQX:TKGBY -4.3%), (OTCPK:TAVHY -1.9%). ETF: (TUR -4.1%)
    • Previously: Turkcell follows Turkish trades lower (Feb. 27 2015)
    • Previously: Turkey tumbles as government takes over Bank Asya (Feb. 04 2015)
    | Mar. 4, 2015, 3:01 PM | 4 Comments
  • Feb. 27, 2015, 2:03 PM
    • Turkish mobile leader Turkcell (TKC -2.1%) is lower today, along with other Turkish trades, as Société Générale bails out of the country: "We just closed all our bullish trades on Turkey."
    • The firm expects the Turkish lira to sell off in the aftermath of the central bank's rate cut -- and its dispute with Turkey's leadership over monetary policy.
    • SocGen has taken out a long position in dollar/lira volatility that it says is already paying off.
    • The Turkish lira has slipped 3% against the dollar over the past week.
    • Related stocks: (OTCQX:TKGBY -3.4%), (OTCPK:TAVHY -2.3%)
    • ETFs: TUR -2%.
    • Previously: Turkey tumbles as government takes over Bank Asya (Feb. 04 2015)
    | Feb. 27, 2015, 2:03 PM