Dow Chemical shares fall to 24-year low as US stocks slide

05 March 2009 22:05  [Source: ICIS news]

HOUSTON (ICIS news)--Shares of Dow Chemical fell to a 24-year low on Thursday as the Dow Jones Industrial Average dropped 281.40 points, or 4.09%, to finish at 6,594.44, its lowest level since April 1997.

Dow Chemical, whose trial over its $18.8bn (€14.9bn) takeover of Rohm and Hass begins next week, fell 8.4% to close at $6.47/share.

All other major chemical stocks followed the general market decline.

Shares of DuPont fell to $16.97/share, a 6.81% decline, hitting a 52-week low. Rohm and Hass shares declined 2.2% to close at $54.01/share, while Mosaic dropped 4.27% to close at $40.09/share.

Eastman Chemical closed at $18.00/share, a drop of 7.36%.

Analysts attributed the overall market decline to concerns regarding the stability of automaker General Motors (GM) and ongoing uncertainty regarding the US financial system.

($1 = €0.79)

For more on Dow Chemical, DuPont, Rohm and Hass, Mosaic, and Eastman Chemical visit ICIS company intelligence
To discuss issues facing the chemical industry go to ICIS connect

By: Ben DuBose
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