Borsa Istanbul takes stock of its new speculator
A man named Cem Okullu has become a popular figure among the Borsa Istanbul crowd in recent days.
On December 3, Okullu said in a filing with the public disclosure platform (KAP) that he had on December 3 sold his entire 7.11% stake, or 199mn shares, in Turkiye Sinai Kalkinma Bankasi (TSKB/Industrial Development Bank of Turkey) at a price range of Turkish lira (TRY) 2.02-2.12.
On December 4, Okullu said in a separate filing that he had on December 4 bought 97.3mn shares in petrochemical producer Petkim (PETKM) at a price range of TRY4.30-4.63.
His stake in Petkim has gradually risen to 6.19% from 2.349%.
Okullu earned 50%, or TRY134mn, in profit from TSKB in 50 days, while he earned TRY20mn profit from his Petkim trades in a single day on December 4, Yunus Kaya of Alnus Invest wrote on Twitter.
In 2015, Erdemir (EREGL/Eregli Demir Celik), one of Turkey’s largest steelmakers, said in a stock exchange filing that it sold 43,467 square metres of real estate holdings located in the town of Altinoluk in the northwestern Balikesir province to Okullu Gida Maddeleri for a consideration of TRY46mn (€16mn).
Tukas or Isfin are small trading boards, suitable for easy manipulation. However, Petkim is among the leading stocks on the Borsa Istanbul and TSKB is also a component of the BIST-50.
Erdemir, controlled by Turkish military pension fund Oyak, is also among leading companies in Turkey.
There have been declines in the number of foreign-held shares in the free floats of Petkim and TSKB (charts below by Ak Invest).