Petrochemical companies in Asia see shares slump Dec. 6 on concerns over eurozone debt crisis, prolonged recession in West; in mid-day trading, shares of Mitsubishi Chemical fell 2.37% as Mitsui Chemicals dropped 2.30%
December 6, 2011
– Asian petrochemical company shares moved down Dec. 6, weighed on by concerns over the eurozone debt crisis and the sluggish U.S. economy, ICIS news reported Dec. 6.
Sentiment was negatively impacted by Standard & Poor’s threat to downgrade eurozone countries if they don’t act decisively to address the debt crisis. Adding to the somber mood was the Asian Development Bank ‘s warning that a protracted recession in the West could seriously hinder growth in East Asia.
In mid-day trading, Japan’s Asahi Kasei Corp.’s stock dropped 1.48% as Mitsubishi Chemical Holdings Corp. fell 2.37%. Mitsui Chemicals, Inc. shares were off 2.30%.
South Korea’s LG Chem Ltd. shares inched down 0.86%.
ICIS noted that the ADB revised its growth forecast for East Asia down to 7.5% from an earlier estimate of 7.6%. The bank also revised the outlook for 2012 growth down to 7.2% from a prior forecast of 7.5%. The bank attributed the revised estimates to instability in Europe and the U.S.
The primary source of this article is ICIS news, Sutton, England, Dec. 6, 2011.