27 April 2009 10:30 [Source: ICIS news]
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SINGAPORE (ICIS news)--Asian petrochemical stocks fell on Monday in line with the weakness in regional stock markets on concerns that a possible swine flu pandemic will further derail global economic recovery efforts.
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“The market is already nervous about the clouds [of uncertainty] out there. On what started to look like a bottoming out in the global recession, this certainly would set it back,” said David Cohen, a
The improvement in
South Korea’s petrochemical majors also declined, with Hanwha Chemical down 3.08%, SK Energy 1.47 lower, Honam Petrochemical falling 4.73% and Kumho Petrochem down 3.57%. The KOSPI composite index shed 1.05% to 1,339.83.
Japanese petrochemical majors were mixed, with Mitsubishi Chemical easing 1.26%, Mitsui Chemicals up 1.30% and Asahi Kasei rising 0.74% as the benchmark Nikkei 225 index logged a 0.21% rise to 8,726.34 at the close of Monday’s trade.
The recent flu outbreak was reminiscent of the 2003 Severe Acute Respiratory Syndrome (SARS) epidemic that virtually killed the tourism industry in Asia and sent countries like
“Health officials have issued some pretty stark warnings. I think it [swine flu outbreak] is still at an early stage at least, it won’t necessarily play out. But you can see why the market is nervous,” Cohen said.
“This seems to be more of a global fear – the fact that there are some already potential cases in Europe US, and
Asian markets’ reaction can be considered subdued so far but everything would depend on how the events pan out in the next few days, he said.
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