Major Asian petchemical companies shares slump on Syria concerns

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.

By: Nurluqman Suratman

AddThis Social Bookmark Button

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.

Printer Friendly

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