Analysts advise to buy banks

2008-11-29 01:21:01

Analysts advise to buy banks  ISTANBUL - Credit Suisse Group recommended investors buy Turkish banking stocks, saying lenders will benefit from the economic steps the Turkish government plans to take including a loan accord with the International Monetary Fund. "We believe the economic package to be announced soon may create positive sentiment in the Turkish equity market in the near term," wrote analysts including Akın Tüzün in a note Friday. "A possible IMF agreement could boost the sentiment even further."The economic measures the government plans to take, including a doubling of the deposit guarantee and decrease in foreign currency reserve requirements for lenders, would benefit Turkish banks as the measures would encourage them to continue lending to the corporate sector, Tüzün wrote. Credit Suisse expects Turkish lenders and Turkcell, Turkey’s largest mobile-phone company, to benefit from share buybacks next year, Tüzün said.The Turkish government’s plan to ease the cost of energy for industry would benefit companies with high energy costs, including Tüpraş, Turkey’s biggest energy company, he wrote. Turkish Daily News Devamı