TURKCELL FINED BY COMPETITION BOARD

The Competition board said the company didn't violate competition, but distributors abused the market dominant position.

The fine amounts for about 6 percent of the 2011 profit forecast and is slightly negative for Turkcell, said BGC Partners analyst Erdem Hafizoglu, adding Turkcell would appeal and the process will continue for a while.

Shares of Turkcell fell 0.9 percent from 0.2 percent before the decision.