Turkish cement stocks surge, stoking public anger

Turkey's Borsa Istanbul stock exchange has been in a free fall since Monday morning, following devastating earthquakes that hit the southern part of the country. But there was one exception: cement companies.

At least nine cement companies' stocks have surged in the last two days, with at least five going up by nearly 21 percent.

The news was met with outrage, with the Yeni Cag daily writing in a headline: "May Allah curse you."

"The cement stocks reached the ceiling today as well. When did this society become this bad?"

Investors expect a large reconstruction effort in the coming months and are buying up shares that could be related to that effort. 

The construction sector in Turkey is one of the largest sources of employment. But it is also controversial due to Erdogan’s prioritising of infrastructure and housing investments for the past two decades.

A trader with 35-years of experience, speaking anonymously to MEE said the authorities should have closed the stock exchange for a while to protect the investors and stop opportunistic trading. 

"However, if you keep it open, there is nothing wrong with investing in winning stock to preserve your savings," the trader said. "You have to keep the markets on and running to hedge your risks. This is totally rational."

"It might look immoral, but this is the reality."

Turkish cement stocks surge in last two days, stoking public anger