Turkish construction companies rally on expectations of Syria rebuild boost (updated)

Oyak Cimento Fabrikalari AS

09/12/2024 09:07

(Adds statement from Turkey's foreign minister in paragraph 2,
analyst comments paragraphs 4-5, index moves paragraph 8)
       Dec 9 (Reuters) - Shares in Turkish construction and
cement companies surged on Monday, buoyed by expectations that
they will benefit from rebuilding in Syria after rebels
overthrew President Bashar al-Assad.
    Turkey will work for the Syrian migrants it hosts to return
home safely and the reconstruction of Syria after Assad's
ouster, Foreign Minister Hakan Fidan said on Monday.
    "With the fall of the Assad regime, the reconstruction of
Syria is moving forward," said Yakup Toktamış from brokerage
Trive Yatirim.
    Yusuf Doğan, head of Global Markets Research at Info
Yatırım, said there would be significant opportunities for
Turkish companies in the construction, cement and steel sectors
following the political shift in Syria.
    Turkey's geographical proximity and existing trade relations
give its companies an edge in Syria's reconstruction process,
Doğan added.
    Shares in Turkey's largest construction company Enka İnşaat
 ENKA.IS  rose around 4%. Cement companies Bursa Çimento
 BUCIM.IS  and Oyak Çimento  OYAKC.IS  jumped 5.3% and 9.9%,
respectively. 
    Steelmaker Iskenderun Demir Çelik  ISDMR.IS  rose nearly 10%
and Emlak Konut  EKGYO.IS , one of Turkey's largest real estate
developers, gained 2.2%.
    Turkey's non-metal index  .XTAST , which includes cement
companies, was up 6.57%, while the construction index  .XINSA 
rose 2.79%.

 (Reporting by Canan Sevgili in Gdansk 
Editing by Milla Nissi)
 ((canan.sevgili@thomsonreuters.com;))