Asia petrochemical shares down on Egypt riot jitters

31 January 2011 11:07  [Source: ICIS news]

SINGAPORE (ICIS)--Shares in Asian petrochemical companies mostly fell on Monday, in line with regional bourses, as ongoing riots in Egypt unnerved investors.

“The current happenings in Egypt is bad for sentiment," said Gordon Kwan, Hong Kong-based analyst at Mirae Asset Securities.

Massive protests demanding the ousting of Egypt President Hosni Mubarak, who has been in power for the past 30 years, were currently ongoing in Cairo.

In Japan, Mitsui Chemicals fell 1.01%, Mitsubishi Chemical eased 1.37% and Asahi Kasei, slipped 0.53% as the benchmark index Nikkei 225 shed 122.42 points or 1.18% to close at 10,237.92.

In South Korea, Hanwha Chemical dipped 1.22%, while S-Oil was down 0.45% as the KOSPI composite index slid 38.14 points lower or down 1.81% to 2,069.73 points.

In Singapore, the benchmark Straits Times Index (STI) slipped 49.97 points or 1.60% at 3,179.72, with the shares of crude palm oil producer Wilmar International falling 2.05%.

In Thailand, Integrated Refinery & Petrochemical Complex (IRPC) tumbled 4.72%, PTT shed 2.05%, PTT Aromatics slipped 1.33%, PTT Chemical fell 0.71% and Siam Cement was down 1.27%.

The SET Index closed down 17.73 points or 1.81% lower at 964.10.

Additional reporting by Nurluqman Suratman

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By: Pearl Bantillo
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