22 October 2007 17:49 [Source: ICIS news]
(Recasts and updates with closing index and stock prices)
LONDON (ICIS news)--Chemicals stocks were hit hard on Monday as European financial markets traded lower following the market downturns in the US and Asia.
The Dow Jones Eurostoxx Chemicals Index closed 1.86% lower at 492.74 while the Eurostoxx 50 index closed off 1.25% at 4356.24.
The Dow Jones index had dropped 2.66% and
Some European chemicals stocks were less affected by the downward pressure. BASF was down 1.18% on the Xetra exchange at €95.43 and ICI was down just 0.15% at 657p on the
The third-quarter results season for the sector begins in earnest this week but financial analysts were relatively upbeat about performance.
The signals on European trading generally remained positive, Citigroup analysts said in a note to clients on Thursday.
Basic chemicals producers should have been helped by higher basic petrochemical costs, they said, adding currencies and cost pressures were expected to make trading tougher for the added value companies.
($1 = €0.70)
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