(Bloomberg) -- Turkish construction-related stocks, led by cement and steelmakers, surged as investors bet the companies will play a key role in the reconstruction of neighboring Syria after the rapid collapse of Bashar al-Assad’s regime.
Gains included:
- Oyak Cimento, owned by Turkey’s Army Pension Fund, rose 9.9% in Istanbul trading to 20.92 liras
- Cimsa, a cement manufacturer majority-owned by conglomerate Sabanci Holding, climbed as much as 10%
- Steel producer Isdemir and cement maker Limak Dogu Anadolu Cimento both jumped 10%
“Our industry can efficiently adapt to the new situation on the ground,” said Fatih Yucelik, head of cement industry association Turkcimento. Member companies are more than able to help the reconstruction effort in Syria once the dust there settles, he added.
Addressing a group of ambassadors in Ankara, Foreign Minister Hakan Fidan said Turkey would continue to work “to ensure safe and voluntary return of Syrians and rebuilding of the country.”
The extent of the damage to Syria’s cities and industries since the civil war started in 2011 is estimated at as much as $11.4 billion, according to a World Bank study published at the end of 2022. More than two thirds of that amount is attributed to physical infrastructure.
(Updates with minister’s comments, prices.)
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