Turkish cement companies rose sharply on the stock exchange in Istanbul on Tuesday after new earthquakes in the southeast of the country.
The declaration by Turkish President Recep Tayyip Erdogan that Turkey could start building some 200,000 new homes in the areas hit by earthquakes two weeks ago as early as March also contributed to the price jump.
Shares of cement makers Oyak Cimento, Cimsa Cimento and Bursa Cimento all rose 10 percent, the daily limit on the Turkish stock market. The day after the February 6 earthquakes, cement companies rose sharply before the stock market closed for a week on Wednesday. Then those price increases provoked furious reactions.
The Turkish daily Yeni Cag lashed out at investors under the headline “May Allah curse you”. The newspaper found them opportunistic as people fought for their lives under collapsed buildings. Investors bought the shares of the cement companies precisely because they expected significant repairs.
Earthquakes in early February killed at least 47,000 people in Turkey and Syria and left many more people homeless. The two new earthquakes again caused deaths and injuries on Monday, but fewer than earlier this month.