Turkish construction companies rally on expectations of Syria rebuild boost

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 rose around 4 per cent. Cement companies Bursa Cimento and Oyak Cimento jumped 5.3 per cent and 9.9 per cent, respectively.
Steelmaker Iskenderun Demir Celik rose nearly 10 per cent and Emlak Konut, one of Turkey’s largest real estate developers, gained 2.2 per cent.
Turkey’s non-metal index, which includes cement companies, was up 6.57 per cent, while the construction index rose 2.79 per cent.