24 September 2012 06:53 [Source: ICIS news]
By Pearl Bantillo
SINGAPORE (ICIS)--Shares of Asian petrochemical firms tumbled on Monday, in line with regional stock markets, on lingering concerns over softening demand given underlying weakness in the global economy that prompted recent policy actions in the US and Japan.
Among Japanese major petrochemical companies, Mitsui Chemical was down 1.19%, Asahi Kasei fell 0.71%, JX Holdings dipped 0.45% at 13:09 ?xml:namespace>
Last week, the US Federal Reserve announced a third round of its quantitative easing measure (QE3), while
Asia is being affected by the financial and economic troubles in the West because of strong export ties, which have an overall bearing on this region’s overall production, as illustrated in
Export is a main engine of economic growth for
HSBC’s flash purchasing managers' index (PMI) for China – Asia’s biggest and the world’s second largest economy – stood at 47.8, indicating continued decline in manufacturing output. In August,
A PMI reading below 50 indicates contraction.
“The overall external environment remains fragile, posing challenges to the export-dependent economies like
“Despite the tentative signs of stabilization, there is no evidence yet to show that a meaningful recovery in [
For the rest of the year, “we expect a moderate rebound in consumption in the 2H2012 [second half of 2012],” it said.
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