30 January 2009 11:55 [Source: ICIS news]
By Pearl Bantillo
SINGAPORE (ICIS news)--Asian petrochemical stocks fell along with regional markets on Friday as gloomy economic data and poor corporate results affected investors’ fragile appetite, sources said.
“The Asian markets came under pressure due to macroeconomic data releases in the ?xml:namespace>
Production outlook for the succeeding two months also remained bleak according to the METI’s survey, while the country’s unemployment rate rose to 4.4%.
Elsewhere in the region,
The corporate earnings reporting season was expected to add to the gloom given the poor state of global demand.
“The earnings released by various companies were very disappointing,” said Kowalczyk.
Regional markets initially took their cue from Wall Street overnight as a record high increase in
“The market will continue to be pretty volatile because it is torn between two factors – the negative macroeconomic and earnings news and hopes about [the fiscal and monetary] policies [instituted so far],” Kowalczyk said.
The markets welcomed the approval of the
“These hopes were preventing the markets from falling further,” Kowalczyk said.
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