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Asian petrochemical shares continued to be battered

August 09/2011

(ICIS) -- Asian petrochemical shares continued to be battered on Tuesday morning, with regional bourses taking the cue from Wall Streets overnight slump and oil prices plunging to below USD 80/bbl on heightened concerns that the global economy is heading towards another recession. The Dow Jones Industrial Average shed 5.55% to close at 10,809.85 on Monday. The decline was the biggest recorded since the 680-point fall in December 2008.


At 11:09 hours Singapore time (03:09 GMT), Japans petrochemical majors - Mitsui Chemicals plunged by 5.59%, Mitsubishi Chemical slumped by 6.10% and Asahi Kasei fell by 5.45% with the benchmark Nikkei 225 index down by 403.25 points or 4.43% at 8,694.31, logging in its worst performance since Japans disaster in March this year.


In Malaysia, PETRONAS Chemicals Group slipped by 3.11%, with the benchmark Kuala Lumpur Composite Index falling by 38.68 points or 2.58% at 1,458.31.


In Hong Kong, PetroChina was down a hefty 8.27%, with the Hang Seng Index shedding 1,334.56 points or 6.51% at 19,159.83.


In China, the Shanghai Composite Index eased by 26.35 points or 1.04% at 2,500.47.


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