Borsa Istanbul sees top 20 firms grow by TL 42.6B in 2016
by Daily Sabah
ISTANBULJan 04, 2017 - 12:00 am GMT+3
by Daily Sabah
Jan 04, 2017 12:00 am
The market value of the leading 20 companies being traded at Turkey's only stock market, the Borsa Istanbul, soared by almost TL 42.6 billion ($118 billion), against all odds in 2016. Data released by the Borsa Istanbul shows the total market value of companies listed in the stock exchange surged to TL 616 billion on Dec. 30, 2016 from nearly TL 555 billion on Dec. 31, 2015. Meanwhile, the market value of the top 20 companies increased to TL 372.452 billion at the end of 2016 from TL 329.792 billion at the end of 2015.
Uncertainties resulting from the Gülenist Terror Group's (FETÖ) July 15 coup attempt, the U.K.'s decision to leave the EU (Brexit), the U.S. presidential elections and the U.S. Federal Reserve's (Fed) monetary policies led to fluctuations in the market value of companies listed on the Borsa Istanbul. For instance, following the July 15 coup attempt, the market value of companies traded on the stock market shrank by TL 78 billion in just one week. Despite the negative developments, however, companies traded at the stock exchange recovered and could compensate for their losses over the rest of the year. While the market value of all companies on the Borsa Istanbul skyrocketed by TL 61 billion last year, the 20 most valuable companies, often called as "giants," stood at TL 42.659 billion.
Koç Holding on top
Developments in 2016 also affected the ranking of "giant" companies, as well as their market value. Accordingly, a total of 12 companies out of the 20, which held the largest market value at the end of 2015, also increased their market value in 2016. Among them, Ereğli Iron and Steel Factories (Erdemir) ranked first with a market value increase of TL 7.35 billion. It was followed by Koç Holding and "Enka İnşaat," a construction company with TL 7.278 billion and TL 4.516 billion, respectively.
Akbank, Tofaş, Türkiye İş Bankası, Garanti Bankası, Sabancı Holding, Emlak Konut Real Estate Investment Trust, VakıfBank, Yapı Kredi and Tüpraş oil refinery were the other companies to see an increase in their market values. A total of 10 companies increased their market value by more than TL 1 billion. Koç Holding, one of the two companies that achieved a growth of more than TL 7 billion, took the leading position in 2016 the list as the company's total market value reached some TL 34,995,393,400.
Denizbank, ASELSAN in top 20
Finansbank, Halk Bankası, BİM retail company, Türk Telekom and Turkcell experienced market value losses of TL 1.831 billion, TL 1.312 billion, TL 713 million, TL 639 million and TL 330 million losses respectively.
Anadolu Efes, Ford and Turkish Airlines (THY), which were in the top 20 in 2015, could not make the latest list and were replaced replaced by Denizbank, Arçelik and Aselsan. The number of banks on the top 20 list rose to eight from seven in 2015.