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BORSA ISTANBUL MARKETS MONTHLY September 2014 What’s inside Consolidated Data Total Value of Trading in All Markets, Breakdown by Markets, BIST Main Indices Equity Market Total Value of Trading, Breakdown by Instruments, Market Cap., Blue Chips Heat Map, Monthly Top 10s Fixed Income Market Total Value of Trading, Breakdown by Instruments, FI Indices, Repo Rate, Benchmark Bond Rate Derivatives Market Total Notional Value of Trading, Breakdown by Underlying Asset, Open Interest, Number of Trades, Top 10 Members Commodities Market Total Value of Trading, Breakdown by Instruments, Number of Trades, Member Distribution BORSA ISTANBUL CONSOLIDATED Total Value of All Trading (USD billions) Monthly Traded Value Market Breakdown, September 2014 Click on markets for details 5.6% 0.3% 10.4% Fixed Income Market Equity Market Derivatives Market 83.8% Commodities Market Total Value of Trading in September % Change YoY= % 2.9 BIST30 vs BIST Industrial vs BIST Financial Indices BIST100 Versus BIST30 30.09.2013=100 Cobweb Battle, 120 100 80 60 40 Click line for graph 20 0 Jul-14 Jan-14 Jun-14 Oct-13 Apr-14 Sep-13 Feb-14 Sep-14 Dec-13 Aug-14 Nov-13 Mar-14 May-14 Sep 1=100 BIST 30 BIST INDUSTRIAL BIST FINANCIAL BIST100 BIST30 September 30 74,938 91,601 % Change MoM -6.69 -7.17 BORSA İSTANBUL, MONTHLY REPORT, SEPTEMBER 2014 2 EQUITY MARKET Total Value of Trading Breakdown of Traded Value (USD billions) 40 36 35 35 33 35 34 33 34 34 33 30 2% 30 28 6% 26 27 25 20 15 10 92% 5 0 National Market Collective Products Market Second National Market Jul-14 Jan-14 Jun-14 Oct-13 Apr-14 Sep-13 Feb-14 Sep-14 Dec-13 Aug-14 Nov-13 Mar-14 May-14 Traded Volume Market Capitalization (in billions share) (USD billions) 285 19.7 19.8 279 279 273 17.8 20 18.6 269 269 300 267 17.0 254 16.4 16.3 16.1 16.0 240 237 235 15.1 15.7 14.7 250 213 13.4 15 207 200 10 150 100 5 50 0 0 Jul-14 Jan-14 Jun-14 Oct-13 Jul-14 Apr-14 Feb-14 Sep-14 Sep-13 Dec-13 Aug-14 Nov-13 Jan-14 Mar-14 Jun-14 Oct-13 May-14 Apr-14 Feb-14 Sep-14 Sep-13 Dec-13 Aug-14 Nov-13 Mar-14 May-14 Foreign Ownership Ratio & Net Purchases and Sales 65.0 800 64.0 600 400 63.0 200 % 62.0 0 61.0 -200 60.0 -400 million USD dollars 59.0 -600 Jul-14 Jan-14 Jun-14 Oct-13 Apr-14 Sep-14 Feb-14 Sep-13 Dec-13 Aug-14 Nov-13 Mar-14 May-14 Foreign Net Purchases&Sales BIST Foreign Ownership Ratio BORSA İSTANBUL, MONTHLY REPORT, SEPTEMBER 2014 3 BLUE CHIPS (Index Constituents Monthly % Returns) BIST30 Heat Map BIST30 Top and Bottom Performers (%) TAVHL (1.9) EREGL (0.7) KRDMD (-0.9) SISE (-1.0) PGSUS (-1.1) PETKM (-2.3) TOASO (-3.7) ENKAI (-3.8) MGROS (-3.9) TTKOM (-3.9) SAHOL (-4.2) KCHOL (-4.9) THYAO (-5.5) GARAN (-5.5) ULKER (-5.6) TCELL (-5.9) ARCLK (-6.1) BIMAS (-6.2) TKFEN (-6.8) YKBNK (-7.0) FROTO (-8.2) ISCTR (-9.3) TUPRS (-9.9) AKBNK (-9.9) EKGYO (-12.5) HALKB (-13.5) VAKBN (-15.2) DOHOL (-15.3) KOZAA (-21.2) KOZAL (-27.0) Leaders: 2 Laggers: 28 Monthly Top 10s in Equity Market Monthly Trading Leaders Top 10 Equities by Traded Value Contribution of Top 10 Shares to (USD billions) Total Value of Trading is 70% 40 Top 10 Top 10 Equities Equities % % by Traded by Traded 35 Value Value GARAN 25% KRDMD 3% 30 HALKB 10% TCELL 3% VAKBN 9% YKBNK 2% 25 ISCTR 6% SAHOL 2% 20 AKBNK 5% Others 30% THYAO 5% 15 Jul-14 Jan-14 Jun-14 Oct-13 Apr-14 Sep-14 Feb-14 Sep-13 Dec-13 Aug-14 Nov-13 Mar-14 May-14 BORSA İSTANBUL, MONTHLY REPORT, SEPTEMBER 2014 4 Top 10 Brokers by Traded Value İŞ YATIRIM MENKUL DEĞERLER A.Ş. Top 10 brokers’ YAPI KREDİ YATIRIM MENKUL DEĞERLER A.Ş. share in total 49% GARANTİ YATIRIM MENKUL KIYMETLER A.Ş. traded value is 8% MEKSA YATIRIM MENKUL DEĞERLER A.Ş. 51% 7% GEDİK YATIRIM MENKUL DEĞERLER A.Ş. DENİZ YATIRIM MENKUL KIYMETLER A.Ş. 7% FİNANS YATIRIM MENKUL DEĞERLER A.Ş. 3% 5% 4% TEB YATIRIM MENKUL DEĞERLER A.Ş. 4% 4% 4% 5% AK YATIRIM MENKUL DEĞERLER A.Ş. BURGAN YATIRIM MENKUL DEĞERLER A.Ş. OTHERS Top 10 Performers By Monthly Returns Vestel Elektronik Sanayi ve Ticaret AŞ 51% Datagate Bilgisayar Malzemeleri TAŞ 46% Link Bilgisayar Sistemleri Yazilimi Ve D 29% Hateks Hatay Tekstil İşletmeleri AŞ 26% Polisan Holding AŞ 25% Atlantik Petrol Ürünleri ve Ticaret AŞ 22% Kiler Alişveriş Hizmetleri Gıda Sanayi v 21% Bimeks Bilgi İşlem ve Dış Ticaret AŞ 21% Kristal Kola ve Meşrubat Sanayi Ticaret 20% Vestel Beyaz Eşya Sanayi ve Ticaret AŞ 19% 0% 10% 20% 30% 40% 50% 60% Click on sub-markets to see top performers National Market markets Second National - ub Market arket S arket Exchange Traded Products Market Equity M Equity Emerging Companies Market BORSA İSTANBUL, MONTHLY REPORT, SEPTEMBER 2014 5 FIXED INCOME MARKET Total Value of Trading (USD billions) 450 425 440 Breakdown of Traded Value 400 by Instruments 350 310 305 291 288 300 276 267 257 255 37.22% 250 221 223 198 4.92% 0.21% 200 0.23% 150 100 57.63% 0.03% 50 0 Interbank Repo-Reverse Repo Market Repo-Reverse Repo Market Outright Purchases and Sales Market Jul-14 Jan-14 Jun-14 Oct-13 Apr-14 Sep-13 Feb-14 Sep-14 Dec-13 Aug-14 Nov-13 Mar-14 May-14 Repo Market for Specified Securities Offering Market for Qualified Investors Fixed Income Market Indices Benchmark Bond Rate 02.01.2001=100 156 2100 10.00 154 2050 9.80 2000 9.60 152 1950 9.40 150 1900 9.20 148 1850 9.00 146 1800 8.80 Jul-14 Jan-14 Jun-14 Oct-13 Apr-14 Feb-14 Sep-14 Sep-13 Dec-13 Aug-14 Nov-13 Mar-14 May-14 01.09.2014 03.09.2014 05.09.2014 07.09.2014 09.09.2014 11.09.2014 13.09.2014 15.09.2014 17.09.2014 19.09.2014 21.09.2014 23.09.2014 25.09.2014 27.09.2014 29.09.2014 Price Indices-15 Month Performance Indices-15 Month Top 10 Members by Traded Value T.İŞ BANKASI A.Ş. T.C ZİRAAT BANKASI A.Ş. HSBC BANK A.Ş. 27% CITIBANK A.Ş. 3% 2% 3% T.VAKIFLAR BANKASI T.A.O. 4% TÜRKİYE GARANTİ BANKASI A.Ş. 4% 25% AKBANK T.A.Ş. 6% THE ROYAL BANK OF SCOTLAND PLC. MERKEZİ EDINBURGH İST.MR. ŞB 7% TÜRKİYE SINAİ KALKINMA BANKASI A.Ş. 10% 9% DEUTSCHE BANK A.Ş. OTHERS BORSA İSTANBUL, MONTHLY REPORT, SEPTEMBER 2014 6 DERIVATIVES MARKET Total Notional Value of Derivatives Trading Breakdown of Traded Value (USD billions) Underlying Asset Value Traded (USD) Share (%) Equity Index Futures 16,037,600,497 90.64 25 1,546,893,246 8.74 20.6 Currency Futures 19.3 18.0 59,759,233 0.34 17.7 20 17.6 Precious Metals Futures 16.9 15.3 Equity Futures 1,426,447 0.01 14.1 13.8 13.7 13.3 15 13.0 12.1 Commodity Futures 0 0.00 0 0.00 10 Power Futures Equity Index Options 39,013,725 0.22 5 Currency Options 81,370 0.00 Equity Options 8,188,624 0.05 0 Total 17,692,963,142 100.00 Jul-14 Jan-14 Jun-14 Oct-13 Apr-14 Sep-13 Feb-14 Sep-14 Dec-13 Aug-14 Nov-13 Mar-14 May-14 Open Interest Traded Volume (in millions) (in thousands) 5.9 6 5.6 5.4 567 562 5.2 5.2 5.2 533 5.1 600 507 4.7 461 5 4.4 445 436 428 500 423 413 380 372 3.6 353 4 3.4 3.5 400 3.0 300 3 200 2 100 1 0 0 Jul-14 Jan-14 Jun-14 Oct-13 Apr-14 Sep-13 Feb-14 Sep-14 Dec-13 Aug-14 Nov-13 Mar-14 Jul-14 May-14 Jan-14 Jun-14 Oct-13 Apr-14 Sep-13 Feb-14 Sep-14 Dec-13 Aug-14 Nov-13 Mar-14 May-14 Top 10 Members by Traded Value İŞ YATIRIM MENKUL DEĞERLER A.Ş. Top 10 members’ TEB YATIRIM MENKUL DEĞERLER A.Ş. share in traded 44% value is 56% GARANTİ YATIRIM MENKUL KIYMETLER A.Ş. 10% DENİZ YATIRIM MENKUL KIYMETLER A.Ş. GEDİK YATIRIM MENKUL DEĞERLER A.Ş. 9% YATIRIM FİNANSMAN MENKUL DEĞERLER A.Ş. 3% 4% 7% SANKO MENKUL DEĞERLER A.Ş. 4% 4% 5% YAPI KREDİ YATIRIM MENKUL DEĞERLER A.Ş. 5% 5% MEKSA YATIRIM MENKUL DEĞERLER A.Ş. DEUTSCHE SECURITIES MENKUL DEĞERLER A.Ş. Others BORSA İSTANBUL, MONTHLY REPORT, SEPTEMBER 2014 7 COMMODITIES MARKET Total Value of Commodities Trading (USD billions) Breakdown of Traded Value 1.80 1.66 1.60 1.37 3% 1.40 1.20 1.00 0.95 Gold 1.00 0.88 0.84 0.71 0.80 0.63 0.63 Silver 0.52 0.54 0.52 0.60 0.47 0.40 0.20 97% 0.00 Jul-14 Jan-14 Jun-14 Oct-13 Apr-14 Sep-13 Feb-14 Sep-14 Dec-13 Aug-14 Nov-13 Mar-14 May-14 Total Number of Trades 1800 1644 1600 1400 1271 1200 924 943 1000 845 761 809 721 708 800 636 640 679 576 600 400 200 0 Jul-14 Jan-14 Jun-14 Oct-13 Apr-14 Sep-13 Feb-14 Sep-14 Dec-13 Aug-14 Nov-13 Mar-14 May-14 Number of Members Banks 23 68 19 Precious Metals Companies 12 Precious Metals Producing and 40 Marketing Companies FX Offices Members from Jewellery Sector All rights reserved.
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    http://ijfr.sciedupress.com International Journal of Financial Research Vol. 6, No. 2; 2015 An Evaluation of the Financial Performance of REITs in Borsa Istanbul: A Case Study Using the Entropy-Based TOPSIS Method Mehmet İslamoğlu1, Mehmet Apan1 & Ahmet Öztel2 1 Faculty of Business, Karabuk University, Karabuk, Turkey 2 Faculty of Economics and Administrative Sciences, Bartın University, Bartın, Turkey Correspondence: Mehmet İslamoğlu, Faculty of Business, Karabuk University, Pbx.78050, Karabuk, Turkey. Tel: 90-544-246-3920. E-mail: [email protected] Received: March 19, 2015 Accepted: April 2, 2015 Online Published: April 11, 2015 doi:10.5430/ijfr.v6n2p124 URL: http://dx.doi.org/10.5430/ijfr.v6n2p124 Abstract Real Estate Investment Trusts are financial intermediaries which facilitate the provision of finance for real estate properties and thus play a key role in the development of the real estate market. An accredited assessment of financial performance is more vital today as there is increasing competition which poses a risk to maintaining the market share of companies. Therefore, the valuation of companies in terms of liquidity, profitability, turnover and capital structure help managers to take the necessary measures and thus contribute to the soundness of the companies. In this study, a financial analysis of REITs between 2011Q1-2014Q3 within the financial market in Turkey was measured using Entropy based TOPSIS (Technique for Order Preference by Similarity to An Ideal Solution) which is a widely-used Multi-Criteria Decision Making (MCDM) method. According to the empirical results, for all the periods, Avrasya, Akmerkez, Sinpaş, Kiler and İş were found to be the most efficient REITs respectively, whereas, İdealist, Atakule, Alarko, Nurol and Vakıf demonstrated the worst financial performances throughout the whole period.
  • Günlük Strateji Bülteni

    Günlük Strateji Bülteni

    Günlük Strateji Bülteni 05 Kasım 2018 Pazartesi Piyasalara Bakış Piyasa Verileri BIST, haftanın son işlem gününe 92.400 seviyesi üzerinden yatay başlangıç yaptı. Gün içinde yukarı yönlü bir seyir izleyen endeks, haftanın kapanışını Endeksler 2 Kasım %Değ. Ybb 94.123 seviyesinden gerçekleştirdi. Endeksin haftalık kazancı %3,9 oldu. BIST100 94.123,0 1,9% -18,4% ABD-Çin arasındaki ticaret görüşmelerine yönelik haber akışlarıyla beraber ABD BIST030 117.649,9 2,0% -17,2% borsaları haftanın son işlem gününde değer kaybetti. Ekonomi gündeminde ise VIOP030 Endeks 121,525 1,7% -14,7% yakından izlenen tarım dışı istihdam Ekim ayında 250 bin artarak beklentinin FTSE 7.094,1 -0,3% -7,7% üzerinde gerçekleşirken, işsizlik oranı %3,7 düzeyinde kaldı. Cuma günü Avrupa borsaları ise İngiltere hariç yükseliş göstererek olumlu ayrıştı. DJI 25.270,8 -0,4% 2,2% DAX 11.519,0 0,4% -10,8% Bugün yurt içinde ekim ayı enflasyonu açıklanacak. Beklentimiz ekim ayında tüketici fiyatlarının %0,85 artarak yıllık enflasyon oranının %23’e gerilemesi RTS 1.134,8 0,3% -1,7% yönünde bulunuyor. Avrupa’da önemli bir veri akışı bulunmazken, ABD’de PMI Parite 2 Kasım %Değ. Ybb verilerini takip edeceğiz. Sabah saatlerinde Çin ve Japonya’da satıcılı seyirler görüyoruz. ABD’de satıcılı, Avrupa’da ise yatay başlangıçlar görebiliriz. USD/TRY 5,4447 0,3% 43,2% BIST’in haftaya yatay bir başlangıç yapmasını bekliyoruz. EUR/TRY 6,2024 0,3% 36,3% Makroekonomi & Politika Haberleri ($+€)/TRY 5,7970 -2,0% 39,2% EUR/USD 1,1385 0,0% -5,1% Önemli bir Makroekonomi & Politika haberi bulunmamaktadır Emtia 2 Kasım %Değ.
  • USDBC 2013 Turkey Trade Mission Report, December, 2013 2

    USDBC 2013 Turkey Trade Mission Report, December, 2013 2

    2013 Turkey Trade Mission December 6-15, 2013 Prepared for the US Dry Bean Council J. Stobbs (Marketbase), 71 avenue Bosquet, 75007 Paris, FRANCE Tel. + 33 (0) 1 45 51 36 03 / Fax + 33 (0) 1 47 53 72 85 email: [email protected] Table of Contents page Turkey Trade Mission Summary 3 Itinerary 4 Purpose 4 Meetings 5 Role of PR Agency 5 Turkish Market 6 FAS US Export Statistics 7 Turkish Dry Bean Domestic Production & Consumption 8 Turkish Importers and End-Users 8 Main Competing Countries 8 US Dry Bean Classes for Turkey 8 Market Notes 10 Recommendation 11 Recommendation Budget Summary 12 Trade Mission Program 13 Meeting Notes Aral 18 Arbel 20 Ba şhan 22 Bayamta ş Group 24 Dervi şoglu-Agroder 25 Diyablar Agro 27 Marka Trading 28 Memi şler 29 Memi şoglu 30 Tamek 32 Tiryaki Agro 35 Yurt Konserve 37 Store Check – Istanbul Macro Center Supermarket 39 Going Forward in 2014 40 USDBC 2013 Turkey Trade Mission Report, December, 2013 2 Turkey Trade Mission Summary Title: 2013 Turkey Trade Mission Report Trip Start Date: December 6, 2013 Trip End Date: December 15, 2013 Trip Locations: Istanbul and Mersin/Adana Trip Country: Turkey Trip Persons: USDBC members: Mark Streed and Alan Juliuson, and USDBC Representative for Turkey, Johanna Stobbs USDBC Turkey Trade Mission - December 6-15, 2013 Arrival Name Date Airline & Time Departure Date Airline & Time Mark Saturday, Delta/KLM # KL1613, Sunday, Air France, AF Streed December arriving Istanbul from December 15 #1391, leaving 7 Amsterdam at 15h50 Istanbul at 6h25 Alan Saturday, Delta/KLM # KL1613,
  • Sürdürülebilirlik RAPORU 2019 İÇİNDEKİLER

    Sürdürülebilirlik RAPORU 2019 İÇİNDEKİLER

    sürdürülebİlİrlİk RAPORU 2019 iÇindEkiLER 1 RAPOR HakkındA 52 ÇEVRESEL SORUMLULUK 2 GENEL MÜDÜR’ÜN MESAJı 56 İklim Değişikliği ve Enerji Yönetimi 4 AYGaz HakkındA 58 Ürünlerin İklim Performansı 8 Rakamlarla Aygaz 58 Atık ve Su Yönetimi 9 Vizyon, Misyon ve Stratejik Öncelikler 59 Biyoçeşitlilik 9 Ortaklık Yapısı 9 Bağlı Ortaklıklar ve İştirakler 60 TOPLUMSAL SORUMLULUK 10 Finansal ve Operasyonel Performans 62 Ülkem İçin 12 Sürdürülebilirlik Öncelikleri 63 Kültür-Sanat 17 2019’da Öne Çıkanlar 63 Arkeolojik Kazılar 63 Aygaz Kitaplığı 18 KURUMSAL YÖNEtiM VE iş Etiği 64 Osmanlı Dönemi Diplomasi Tarihi 22 Rüşvet ve Yolsuzlukla Mücadele 64 İstanbul Tiyatro Festivali Sponsorluğu 22 Risk Yönetimi ve İç Denetim 64 Çevre 25 Risk Yönetimi Komitesi 64 Geleceğe Yol Al 25 İç Kontrol ve İç Denetim 65 Yarın Hava Nasıl Olacak? 26 Sürdürülebilirlik Yönetimi 65 Sağlık 65 Diyabetik Çocuklar Kampı 26 EVDE, YOLDA VE HER ALANDA 65 Spor SORUMLU ÜRÜNLER 65 Eğitim 29 İnovasyon Kültürü 30 Ar-Ge Merkezi 66 PAYDAşLARLA iLEtişiM 32 Teknoloji ve Dijitalleşme 33 Ürün Kalitesi ve Güvenliği 68 EKLER 34 Yeni ve Yenilikçi Ürün ve Uygulamalar 68 ÇEVRESEL PERFORMANS GÖSTERGELERi 35 Müşteri Odaklılık ve Memnuniyeti 69 SOSYAL PERFORMANS GÖSTERGELERi 36 Müşterilerle İletişim 70 GRı iÇERik iNDEKSi 37 Bilgi Gizliliği 38 SÜRDÜRÜLEbiLiR OPERASYONLAR 40 Tedarik Zinciri Yönetimi 41 Dağıtım Ağında Kalite ve Güvenlik 43 Lojistik 44 ÇALışANLAR 45 Fırsat Eşitliği ve Çeşitlilik 45 Entegre Kariyer ve Yetenek Yönetimi 52 Çalışan Bağlılığı ve İşte Verimlilik 52 İş Sağlığı ve Güvenliği RAPOR HAKKINDA Aygaz A.Ş.’nin (Aygaz) ekonomik, kurumsal yönetim, sosyal ve çevresel performansını 2019 Aygaz Sürdürülebilirlik Raporu’nda paylaşıyoruz. 1 Ocak 2019 – 31 Aralık 2019 dönemini kapsayan Raporumuzda ayrıca 2019 yılı gelişmeleri ile gelecek planları yer alıyor.
  • Retail Foods Retail Foods Turkey

    Retail Foods Retail Foods Turkey

    THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: 7/15/2015 GAIN Report Number: TR5036 Turkey Retail Foods Retail Foods Approved By: Kimberly Sawatzki Prepared By: Meliha Atalaysun and Sophie Friedman Report Highlights: Fueled by increasing disposable income levels and a strong consumer demand, the Turkish food retail sector reached US$ 121 billion in 2014. The share of food in the total retail sector is 60 percent and the food retail sector is expected to grow 8 percent annually from 2015-2018. However, 2014 marked an increase in food prices due to a severe drought which was then followed by heavy rains in 2015. Discount chains continue to dominate the food retail sector. Private label products are increasing their share against branded products and the number of discount stores are still increasing at a fast pace. Meanwhile, as profit margins get smaller, some players are seeking growth via mergers and acquisitions, by increasing efficiency and cutting costs instead of opening new stores. Post: Ankara Executive Summary: The history of shopping malls dates back almost 550 years in Turkey with the world famous Grand Bazaar, which was the first big covered bazaar in the world and is still a major shopping center in Istanbul. Having come a long way since then, the number of modern shopping malls in Turkey increased four times in the last decade and reached 333 in 2014, generating 60 billion TL in revenue. These modern shopping malls currently offer one million square meters (m²) of rental area, attracting 1.6 billion visitors and US$ 45 billion in investment; US$ 14 billion of which is foreign investment.
  • Econ Omy &Market Politic, Domestic &International

    Econ Omy &Market Politic, Domestic &International

    REPRESENTATIVE OFFICE ISTANBUL SEPTEMBER 23RD, 2008 Vladimir Bolze + 90 212 293 00 32 e-mail: [email protected] ECON OMY & MARKET MARKETS At Monday’s close, market situation was: O/ N for ISE Repo market TRY/ USD 7M08 inflows on equities market reached & TLR Interbank market US$3.3bn while there was an outflow of 18.23% 1.2351 US$364mn on gov’t bonds driving total Most actively traded T-Bills Date Maturity C/ Rate portfolio inflows at US$3bn, significantly lower 22/ 09/ 08 14/ 04/ 10 18.95% than US$9.9bn in 7M07. Corporate borrowings IE-100 index ISE- 100 Ref $ increased by US$2.8bn to US$25bn in 7M08, 36,184 29.3 up by 50% YoY, while banks borrowed net US$2.7bn in July. Turkish Treasury borrowed a total of TRY 2.5bn on Sept. 9th through the issuances of a 6- International investors were net sellers with month reference T-Bill maturing on Mar. 11th, US$1.3bn on the ISE in August (US$4.5bn buy 2009 and a 19-month TRY zero coupon orders vs. US$5.7bn sell orders). In Jan-Aug benchmark bond maturing on Apr. 14th, 2010. period, international investors’ were net sellers Average compound rate was at 18.70%. of US$1.7bn. Central Gov’t budget posted a primary 2Q08 GDP came in at 1.9%, significantly surplus of TRY 14.1bn in August, driven by lower than market expectations of 3.6%, and advanced corporate taxes and revenue transfers lowest figure since 1Q02.