Enka, Efes Shares Hit by Conflict

Turkish builder Enka and brewer Anadolu Efes fell the most in more than a year in Istanbul trading Wednesday on concern that they may lose business in Russia as a result of tensions in the Caucasus.

Enka shares declined 80 kurus, or 7 percent, to 10.60 liras at the close of trading, bringing the company's market value down to 12.7 billion liras ($10.7 billion). Anadolu Efes shares plunged 1.40 liras, or 11 percent, to 11.50 liras, the biggest drop since June 2006.

Investors are concerned that Enka, which has won contracts to build airports and power stations in Russia and modernize the State Duma buildings, may lose out as military conflict in Georgia hurts Russia's relations with NATO, in which Turkey is a member.

Anadolu Efes beer sales in Russia have surged as the company acquired local brewers.

Since Aug. 8, Enka shares have dropped 21 percent and Anadolu Efes shares lost 15 percent.