Borealis, Owners and Joint Ventures
Major Asian petchem shares down sharply on negative China PMI data
ICIS News : 20-Jun-13 04:51
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%.
By Nurluqman Suratman