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In Asia petrochemical shares closed sharply lower

August 08/2011

(ICIS) -- Asian petrochemical shares closed sharply lower on Monday, in line with heavy losses across regional bourses, on concerns that the global economy is on the brink of another downturn.
Shares of Japans petrochemical majors fell at the close of trading, with Mitsui Chemicals falling 3.24%, Mitsubishi Chemical down 1.59% and Asahi Kasei slipping 2.09%.

The benchmark Nikkei 225 index shed 202.32 points or 2.18% to settle at 9,097.56. In South Korea, LG Chemical slumped 4.91% and Hanwha Chemical declining 4.27%, with the KOSPI composite index declined 3.82% or 74.30 points at 1,869.45. In Hong Kong, PetroChina settled 3.09% lower, with the Hang Seng index settled at 20,490.57, down 455.57 points or 2.17% from Fridays close.

The downgrade of US" credit ratings by Standard & Poors (S&P), days after the world"s biggest economy averted a debt default weighed down on the overall market sentiment.

In Chinas styrene butadiene rubber market, the mood has turned cautious on the back of the global stock market plunge, with traders retreating on the sidelines awaiting clearer direction

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