Shares of most chemical firms in Asia tumble

13-Sep-11

Monday saw shares of most chemical firms in Asia tumble, 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, as per ICIS. Mitsui Chemicals was down by 3.13%, Mitsubishi Chemical fell by 1.7% and Asahi Kasei Corp was 2.85% lower. In Malaysia, PETRONAS Chemicals Group was down 1.87%. Thailand’s petrochemical major PTT group was down 1.56%, while Siam Cement Group fell by 1.25%. Financial markets in South Korea, China and Taiwan are closed on Monday for holidays. Asia’s vulnerability to the financial and economic troubles of the West lies in exports, its main engine of growth.