28 August 2013 03:39 [Source: ICIS news]
SINGAPORE (ICIS)--Shares of major Asian petrochemical firms were mostly lower on Wednesday, tracking sharp losses seen in regional bourses, amid heightened concerns over a potential military strike by the US on Syria.
By 10:11 hours Singapore time (02:11 GMT), Japanese producer Mitsui Chemicals was down by 2.23% , Mitsubishi Chemical was 1.87% lower and Asahi Kasei slipped by 2.7%. The benchmark Nikkei 225 index was down by 1.95% at 13,278.50.
In South Korea, Lotte Chemical Corp fell by 1.71% and LG Chem was 1.24% lower as the Korea Stock Exchange KOSPI Index slipped by 0.61% at 1,874.32.
Over in Hong Kong, PetroChina Co fell by 3.82% while Sinopec Corp was 1.38% lower in the morning session. The Hong Kong Hang Seng Index was down by 1.13% at 21,627.24.
In southeast Asia, Malaysia’s PETRONAS Chemicals Group (PCG) was down by 1.87%.
The US government is currently working out a plan with its allies to take limited military action against Syria after concluding that the Bashar al-Assad’s regime had used chemical weapons last week.
“Markets are bracing for an imminent military strike against Syria by the US and its allies, UK and France,” said Singapore-based UOB Economic-Treasury Research.
“Adding to the negative sentiment was the concerns about the potential re-emergence of another round of political brinkmanship over the need for the US to raise the Federal debt limit,” it added.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections