13 September 2010 06:04 [Source: ICIS news]
SINGAPORE (ICIS)--Asian petrochemical shares traded higher on Monday on the back of positive manufacturing data from ?xml:namespace>
“The headline numbers show that the Chinese dragon is stirring and that would give some hope that the (global) economic downturn is still not that bad,” said Song Seng Wun, a regional economist at brokerage CIMB-GK in
Consumer prices in
The news from China allayed fears that the global economy was soon headed towards a “double-dip recession”, especially after a 11 September report showed that wholesale inventories in the US rose the most in two years in July, Song noted.
“There are still risks given that global growth is still slowing down. But it is still growing – it just depends on how much it will accelerate or decelerate,” he said.
“Our stance is that there could be a possible dip in one quarter next year, but a double dip may not be possible,” he added.
Shares of other Japanese petrochemical companies tracked the upswing in the bourse, which added 92.05 points or 1.00% to 9,331.22.
Meanwhile in Thailand, shares of petrochemical major PTT and its affiliates - PTT Chemical and PTT Aromatics - also gained.
PTT edged up by 1.39%, PTT Chem was 0.85% higher and PTT Aromatics rose 1.92%. Siam Cement was also up by 0.97%.
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