22 November 2010 11:35 [Source: ICIS news]
SINGAPORE (ICIS)--Shares of petrochemical companies in Asia closed mostly higher on Monday as a result of improved sentiment after ?xml:namespace>
At the close of trading, Japanese petrochemical majors Mitsubishi Chemical gained 3.58%, Mitsui Chemicals increased 0.80% and Asahi Kasei inched up 0.60%, as the benchmark Nikkei 225 stock market index rose 0.93% to 10,115.19.
Ireland’s decision to request a financial aid package from the International Monetary Fund and the EU provided markets with some relief, as it staved off fears of contagion.
“Wary that markets are eyeing
The aid package for
On 19 November,
Singapore-based DBS Bank said that the hike in the reserve ratio for Chinese banks was expected to permanently siphon off yuan (CNY) 350bn ($52.7bn) from the banking system, based on total deposits of around CNY70,000bn.
“The latest reserve ratio hike does not only address the build-up of excess liquidity in the banking system but is meant to tighten liquidity for banks and slow the pace of new loan issuance,” said DBS.
($1 = €0.73, $1 = CNY6.64)
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