23 November 2010 09:21 [Source: ICIS news]
SINGAPORE (ICIS)--Shares of petrochemical companies traded in Seoul fell on Tuesday, in line with losses across regional bourses triggered by news of North Korea’s firing of artillery shells that hit the South’s Yeonpyaong island.
Online newspaper Korea Herald reported that the North fired artillery rounds at 14:34 hours ?xml:namespace>
The news of shelling, which South Korean media said had killed at least one soldier and injured 13 more, came in the last minutes of stock market trade in
Among petrochemical majors, SK Energy tumbled 2.97%, LG Chemical declined 1.01% and Hanwha Chemical slipped 0.15%.
Meanwhile, South Korean petrochemical players were unperturbed by the new geopolitical development.
"I think most market players are hopeful that this won’t develop into a major flare-up,” said a local producer.
Petrochemical plants were operating as usual, industry sources said.
“The shelling is at the coastal areas, so business in
“Currently, there is no market impact,” said a naphtha trader in
Others said the integrated crackers in
Heightened political tensions usually served to boost oil prices. At 16:57 hours Singapore time (08:57 hours GMT), ICE Brent crude for January delivery was recouping its early losses and was now down just 13 cents at $83.83/bbl.
Additional reporting by Felicia Loo, James Dennis, Chow Bee Lin and Prema Viswanathan
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