01 September 2010 07:13 [Source: ICIS news]
SINGAPORE (ICIS)--Asian petrochemical shares were trading higher on Wednesday, taking the cue from a rebound in ?xml:namespace>
At 13:27 hours
PMI had steadily declined in May, June and July. With fears of a double-dip recession in the
The market may be in for a disappointment later on Wednesday when the
“The ISM (survey of manufacturing) is expected to drop by nearly 3 points to 52.7. That’s a hefty drop that would put manufacturing sector growth too close to zero for comfort,” said DBS Bank in a research note.
PTT edged up 1.51%, PTT Chem was 0.94% higher and PTT Aromatics rose 1.71%. Siam Cement was also up 1.01%.
The Thai Cabinet had approved Tuesday night the list drafted by the National Environmental Board (NEB) that excluded downstream petrochemicals among those industries considered as environmentally harmful.
The PTT group has 17 projects under court suspension, while conglomerate Siam Cement also has a number of projects stalled. The final hurdle for the projects’ restart was the approval of
Shares of Japanese petrochemical companies tracked the rebound in the benchmark stock market index – the Nikkei 225, after slumping to a 16-month low on Tuesday.
Asahi Kasei gained 1.20%, Mitsubishi Chemical was up 1.50% and Mitsui Chemicals was 0.93% higher, while the Nikkei 225 index added 76.05 points or 0.86% to 8,900.11.
The Japanese government hoped to revive the slumping economy through an $11bn fiscal stimulus package announced this week but it may have to address the continued strength of the yen, which was hurting exports.To discuss issues facing the chemical industry go to ICIS connect
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