Foreign investors sell net $3 billion of Turkish stocks in 2008
Güncelleme Tarihi:
Foreign investors bought a net $162 million worth of Turkish stocks in December, bringing total net sales last year to $2.98 billion, according to figures from the Istanbul Stock Exchange on Monday.
Foreigners in 2008 sold a net $870 million of retailer Migros after BG Partners bought the grocery-store chain last year and held a tender call for minority share owners, according to an analysis of the exchange's figures by Orion Investment.
Foreign investors also sold a net $198.8 million in Akbank and $198.8 million in Garanti, the country's second- and third-biggest listed lenders, Orion said.
The most-bought shares were Turk Telekom, of which foreigners bought a net $161.7 million, it said. The landline operator held Turkey's biggest-ever initial public offering in 2008 at which it raised some $2 billion.
Foreign investors bought a net $125.8 million in Dogan Holding and $58.4 million in Yapi Kredi, according to Orion.
The benchmark ISE National-100 index lost half of its value last year amid a global stock rout fuelled by a slowdown in the global economy.
Sixty-seven percent of Turkish shares are still owned by non-Turkish investors, the same figure as a year ago, according to the Central Registry Agency.