27 September 2007 10:35 [Source: ICIS news]
(Updates throughout with closing stock prices.)
SINGAPORE (ICIS news)--Asian chemical stocks ended higher on Thursday as regional stock markets rallied on expectations that the US Federal Reserve may cut interest rates again.?xml:namespace>
Kenneth Shin, a financial analyst at South Korea’s Woori Securities, attributed the fall in Honam’s share price to “investors eager to take some profit” from the firm’s good stock market performance in the past few weeks.
Honam had been seeing ethylene glycol (EG) margins surge due to a supply crunch from plant shutdowns and turnarounds, said Shin.
The Korea Composite Stock Price Index (KOSPI) closed 1.36% higher at 1,945.28 points at the close of trade.
Japan’s Nikkei 225 index closed 2.4% higher at 16,832.22 points, while Hong Kong’s blue chip Hang Seng Index ended 2.4% higher at 2,7065.15.
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