Shares of major Asian petchem firms jump after US Fed meeting

19 September 2013 08:11  [Source: ICIS news]

SINGAPORE (ICIS)--Shares of major petrochemical firms were mostly higher on Thursday, tracking the jump seen in regional bourses, after the US Federal Reserve announced its intention to leave its stimulus programme unchanged.

The Fed announced late on Wednesday that they will not cut back on its $85bn (€63bn) bond-buying programme and delay its plan to taper down these measures.

By 14:42 Singapore time (08:42 GMT), Japanese producer Mitsui Chemicals was up by 1.03% while Mitsubishi Chemical and Asahi Kasei rose by 1.27% and 1.61%, respectively.  The key Nikkei 225 index was up by 1.88% at 14,766.18.

In Hong Kong, PetroChina was up by 1.6% while refining firm Sinopec rose by 1.47%. The Hang Seng Index was up by 1.58% at 23,483.08.

In southeast Asia, Malaysia’s Petronas Chemicals Group was up by 0.44% while Thailand-based PTT Global Chemical (PTTGC) surged by 2.40%.

Stock markets in China, Taiwan and South Korea were closed on Thursday for the Chinese Mid-Autumn Festival.

($1 = €0.74)

By: Nurluqman Suratman

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