Turkcell’s dull NYSE performance disheartens IMKB

Heightened expectations that the Turkcell listing would prompt cash flow into the overall market were dashed, brokers said. They do not expect to see an outstanding performance either in the case of Turkcell or the market as a whole until summer’s end Ankara – Turkish Daily News Turkey’s leading mobile operator Turkcell, the first Turkish company to list on the New York Stock Exchange (NYSE), showed a colorless performance on its first day of trading there and posted 0.14 percent gains on top of its

• Heightened expectations that the Turkcell listing would prompt cash flow into the overall market were dashed, brokers said. They do not expect to see an outstanding performance either in the case of Turkcell or the market as a whole until summer’s end

Ankara – Turkish Daily News

Turkey’s leading mobile operator Turkcell, the first Turkish company to list on the New York Stock Exchange (NYSE), showed a colorless performance on its first day of trading there and posted 0.14 percent gains on top of its initial public offering (IPO) price.

Turkcell has offered 96 million American Depository Receipts (ADR), each of which was priced at $17.60, representing 250 ordinary shares. It closed the first day at $17.63, after opening at $18, which brokers tied to a global sell-off in tech, in particular, telecom stocks. The share, represented with the symbol TKC, had reached a height of $18.625 in early trade.

Turkcell’s dull NYSE performance brought about some sell-off of shares on the Istanbul Stock Exchange (IMKB) yesterday, and it was trading below TL 46,000 — still above its IPO price of TL 44,000. The share closed yesterday at TL xxxxxxxxxx, down xxxxxxx percent from Tuesday’s close at TL 46,500.

Meanwhile, Tuesday’s slide in the IMKB continued yesterday. The IMKB main-100 index, which closed Tuesday at 14,061 points after a 5.43 plunge, dipped below a critical support level of 14,000 points in the first trading session yesterday. The index closed yesterday at xxxxxx points, down xxxxxxx percent from the day before.

Heightened expectations that the Turkcell listing would prompt cash flow into the overall market were dashed, brokers said. They do not expect to see an outstanding performance either in the case of Turkcell or the market as a whole until the end of the summer.

Turkcell shares changed hands 13.3 million times on their first day on the NYSE, the Anatolia news agency reported.

“Turkcell shares must be evaluated on the basis of their long-term performance,” Turkcell General Manager Cuneyt Turktan was quoted as saying by Anatolia. “Turkcell’s mission has changed the opinion of international finance circles about Turkey,” he said.

At a ceremony held prior to the session, NYSE Chairman Richard Grosso said Turkcell, which is among the world’s 400 largest companies, was promising huge success in the 21st century.

The Turkcell management team, headed by conglomerate Cukurova Holding Chairman Mehmet Emin Karamehmet, has flown to the United States to organize events marking the occasion. Turkcell started trading after Karamehmet hit the traditional gong while Turkcell-labeled paraphernalia was distributed outside the Wall Street building.

Kaynak: http://www.hurriyetdailynews.com/turkcells-dull-nyse-performance-disheartens-imkb.aspx?pageID=438&n=turkcells-dull-nyse-performance-disheartens-imkb-2000-07-13