02 October 2007 10:45 [Source: ICIS news]
SINGAPORE (ICIS news)--Petrochemical stocks in Asia closed higher on Tuesday as regional markets rallied on overnight Wall Street gains after former US Federal Reserve chairman Alan Greenspan and Citigroup suggested credit-market losses will abate.
“A number of [regional stock markets] hit record highs, clawing their way up to levels before the ?xml:namespace>
“The general feeling is that the crisis is over. People are feeling that oil prices are high because of the weaker US dollar… Confidence has returned,” he added.
Demand for petrochemical stocks would also go up as long as the commodities’ margins remained sustainable, he added.
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