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Asian petrochemical shares declined on Friday

September 23/2011

(ICIS) -- Asian petrochemical shares declined on Friday along with product prices, following heavy sell-offs in the equities and commodities markets overnight on heightened concerns that the global economy is heading towards another recession.

Markets are on their second day of rout, following the US Federal Reserves comment that the US the biggest economy in the world faces significant downside risks. Asias stock markets are reacting on Friday to the 3.51% decline in the Dow Jones Industrial Average overnight.

At 13:29 hours Singapore time (06:29 hours GMT), South Korean producer LG Chem was down by 5.07%, SK Innovation declined by 6.96% and Honam Petrochemical fell by 6.19% as the KOSPI composite index dropped by 5.56% to 1,700.47. Japanese markets are closed on Friday for a public holiday.

In Malaysia, PETRONAS Chemicals Group was down by 1.08%, with the FTSE Bursa Malaysia down by 1.11% at 1,372.37.

Thailands petrochemical major PTT Chemical was down by 5.99%, while Siam Cement Group fell by 4.41%. The Thai SET index fell by 4.30% at 947.98.

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