Page 49 - TURKRptDec21

6.3 Stock market
Borsa Istanbul is a speculative market. Transaction volumes have recently dried up further and, lately, local speculators have been playing the market. Previously, it was foreign hedge funds that took shots on Borsa Istanbul.
Turkey’s capital markets legislation does not directly award manipulators, yet it issues some penalties that are actually not penalties.
Home appliances and consumer electronics producer Arcelik (ARCLK), owned by Koc Holding (KCHOL), is seeking acquisition and partnership opportunities in North and South America. Arcelik has spent €370mn on acquisitions in 2021, while over the past five years the value of the company’s acquisitions amounted to €435mn.
Arcelik presently has 28 production facilities in nine countries, while its global market share in its segment is 4.8%. The company’s 12 brands are marketed in 48 countries.
Sales in Turkey account for 27% of Arcelik’s global revenues. Western Europe accounted for 30% of revenues in Q3. Arcelik’s Beko brand is the market leader in the UK in the white goods segment.
Hepsiburada (Nasdaq/HEPS) faces lawsuits filed by shareholders in the US due to nosediving stock prices following the initial public offering (IPO).
49 TURKEY Country Report December 2021 www.intellinews.com