20 June 2013 04:51 [Source: ICIS news]
SINGAPORE (ICIS)--Shares of major petrochemical firms in Asia fell sharply on Thursday amid signs that China’s manufacturing activity weakened in June.
The flash HSBC purchasing managers' index (PMI) fell to 48.3 in June from May's final reading of 49.2, the weakest level since September last year.
PMI is a gauge of an economy's manufacturing activity, with a reading above 50 indicating an expansion, and a lower number denoting a contraction.
By 11:20 Singapore time (03:20 GMT), Japanese producer Asahi Kasei was down by 1.82%, Mitsui Chemicals slipped by 0.46% and Mitsubishi Chemical fell by 0.65%. The benchmark Nikkei 225 was 1.08% lower at 13,101.53.
South Korea’s LG Chem was 2.76% lower while Lotte Chemical was down by 3.60%. The Korea Stock Exchange KOSPI Index was 1.75% lower at 1,855.18.
In Hong Kong, PetroChina was 2.38% lower while Sinopec Shanghai Petrochemical slipped by 0.79%. The Hong Kong Hang Seng Index was down by 2.37% at 20,490.18.
Malaysia’s PETRONAS Chemicals Group was 0.30% lower while Thailand-based PTT Global Chemical fell by 2.51%.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections