UPDATE 2-Cement group Lafarge hopes for turnaround in 2010

* Sees 2009 cement volumes down 6 to 8 pct

* Recovery expected in second half 2010

* Q3 revenue 4.252 bln euros vs consensus 4.623 bln

* Q3 current op profit 852 mln vs consensus 856.17 mln

* Share price drops (Adds further details, comment by analysts, share price)

By Leila Abboud

PARIS, Nov 6 (Reuters) - The global recession hit the world's biggest cement maker hard in the third quarter but Lafarge (LAFP.PA) said recovery would come to developed markets by the second half of 2010. [ECILT/WRAP]

Reporting a sharp fall in sales and profits, Chief Executive Bruno Lafont said the global building materials market had shown signs of stabilisation in the quarter and that it would likely mark the bottom of the downturn.

But he warned that a recovery would have to wait till the second half of 2010, especially in mature markets like the United States, although emerging markets like China could come back sooner.

"I'm slightly positive but still cautious for 2010," he said during a conference call with analysts.

The French group's shares were down 3.7 percent at 55.84 euros at 1100 GMT, making it the biggest decliner in Europe's FTSEurofirst 300 .PGL.FTEU3 as sluggish results prompted investors to book recent hefty gains on the stock.

The shares are up 52 percent this year compared with a 24 percent rise for rival Holcim, and 27 percent rise in the DJ Stoxx European construction and materials sector index .SXOP.

Investors and analysts are closely watching the building materials sector for signs of economic recovery. Construction and infrastructure projects are often slowed during a recession, and financing is tougher to find.

Cement demand is strongly linked to economic activity, so an uptick in gross domestic product next year in major markets like the U.S. and China should benefit Lafarge and its competitors.

Economists are predicting that the world's richest economies -- the Group of Seven including the U.S., Europe and Japan -- will grow next year but less rapidly than emerging-market Asian countries. [ID:nPEK132888] [ID:nLF527608]

For cement makers, however, the picture for 2009 remains bleak. Lafarge said on Friday cement volumes would drop in its markets by 6 to 8 percent this year, darkening its previous outlook given in July for a drop of 4 to 8 percent. At the outset of 2009 Lafarge had said volumes would drop by 2 to 5 percent.