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
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