Chems fall as US Dow Jones Industrial Average declines 297 points

01 November 2011 20:26  [Source: ICIS news]

HOUSTON (ICIS)--Stocks in North American chemical companies fell on Tuesday as the Dow Jones Industrial Average dropped by 297.05 points.

The index closed at 11,657.96, down 2.48%.

The drops followed large declines in Europe, where markets reacted to news that Greece will hold a referendum on the latest bail-out package to solve the nation's sovereign debt crisis.

In addition, US markets were shaken by news that the brokerage firm MF Global had filed for bankruptcy protection under Chapter 11.

Chemical stocks performed worse than the general market, with the Dow Jones US Chemicals Index falling by almost 3%. Nearly every company followed by ICIS fell.

Titanium dioxide (TiO2) producer Kronos Worldwide fell by the most, dropping by 8%. Companies losing more than 6% included specialty chemicals producer Chemtura; polyvinyl chloride (PVC) producer Westlake Chemical; catalyst producer WR Grace; methanol producer Methanex; and polyurethanes producer Huntsman.

Specialty-chemicals producer Ferro was the only winner, gaining 3%.

Among the majors, DuPont and Dow Chemical each fell by 2%.

PotashCorp lost nearly 4% and Praxair fell by 3%.

(Additional reporting by Franco Capaldo)

By: Al Greenwood
+1 713 525 2645

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