21 January 2008 12:54 [Source: ICIS news]
LONDON (ICIS news)--European chemicals stocks tumbled on Monday amid continuing fears of a ?xml:namespace>
The Dow Jones Euro Stoxx Chemicals index fell 5.5% from Friday’s close at 11:15 GMT, with all European chemicals majors taking big hits.
“The market is worrying about a global recession; that it may not just be a
“If you take a step back, the chemicals sector was valued at high multiples at this time last year… it would not be surprising if we now see low valuations,” he added, saying the sector was not far from where the wider market is moving.
stocks fell 5.7% to €86.72, Bayer was down 5.9% to €56.45 and Akzo Nobel shares lost 4% of their value at €46.34.
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