Asia petrochemical stocks fall on US economic woes

29 August 2007 11:11  [Source: ICIS news]

SINGAPORE (ICIS news)--Most petrochemical stocks in Asia on Wednesday fell in line with declines in the region’s indexes as sub-prime loan woes caused the US stock market to fall overnight.

 

Shares of Japanese companies Mitsubishi Chemical and Mitsui Chemicals fell 2.6% and 2.9% to yen (Y) 1,003 ($8.80) and Y981 respectively, larger than the 1.7% decline in the Topix and Nikkei 225 indexes.

 

In Hong Kong, the Hang Seng Index fell 1.5%, while shares of PetroChina and Shanghai Petrochemical were down 2.8% and 3.2% to Hong Kong dollars (HK$) 11.14 ($1.40) and HK$5.36 respectively.

 

Shares of Chinese energy major Sinopec dipped 0.1% to HK$8.36, while stocks of South Korea’s Honam Petrochemical fell 3.7% to won (W) 144,000 ($153.10).

 

Formosa Plastics and Formosa Petrochemical saw their share prices fall by about 1% to New Taiwan dollars (NT$) 78 ($2.40) and NT$89.1 respectively.

 

In Thailand, PTT Chemical’s shares dipped 1% to baht (Bt) 104 ($3.20).

 

($1 = Y114.39/$1 = HK$7.80/$1 = W940.48/$1 = NT$33.11/$1 = Bt32.87)

By: Florence Tan
+65 6780 4359

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