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The shares of most chemical firms in Asia ended sharply lower on Monday

September 12/2011

(ICIS) -- The shares of most chemical firms in Asia ended sharply lower on Monday in line with the weakness seen in regional bourses, amid persistent fears over the sovereign debt crisis in the eurozone and its dampening impact on global demand. Greece on Sunday announced an emergency tax on all private property that will be applied this year and 2012 to cover a shortfall in tax revenues.


With the announcement of further tax increases in Greece, the possibility of it receiving the next loan tranche has improved, but a lack of political consensus on how to move ahead both among the G7 countries and within Germany continues to be a concern, said Danske Research senior analyst, Flemming Nielsen.


The financial markets in South Korea, China and Taiwan are closed on Monday for a holiday.
In Malaysia, PETRONAS Chemicals Group was down by 2.50% by the end of trade, with the FTSE Bursa Malaysia down by 1.56%, or 22.86 points, at 1,446.26.


Thailands petrochemical major PTT group was down by 2.80%, while Siam Cement Group fell by 3.12%. The Thai SET index closed 2.15%, or 22.89 points, lower at 1,039.48.


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