17 November 2008 10:00 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian petrochemical stocks closed weaker on Monday as Japan’s plunge into recession provided further evidence that the global economy is bracing for a significant downturn, dimming exports prospects.
“They are bad news for chemical producers,” said Li Hongrong, a Shenzhen-based economist at Ping An Securities. "If they could not cope with the tough situation well, they will face losses."
“The numbers for
The markets' reaction was largely muted since investors have been pricing in a recession scenario and possibly taking comfort from assurance from world economic leaders that further measures would be taken to contain the economic impact of the global financial crisis, analysts said.
“Policy-makers have had some success in calming the credit markets (but) it still remains to be seen whether things could get back to normal,” said Cohen.
Judith Wang contributed to this story
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections