Asian Petrochemical sector witnessed a sudden rise in share values on high hopes of outbreak coming to an end after summiting to the highest record in the worst hit areas. The industry further underwent a sigh of relief with oil prices edging high after significant cuts in U.S. shale gas production this month. In addition, cautious optimism over the restart of production in several industrial sectors of India such as fertilizers, plastic manufacturing, automobile, rubber, agrochemicals and electric and electronic equipment has also pushed the players to indulge in the market at the lowest point to incur gains post the struggle of Pandemic.
After termination of lockdown in China, major manufacturers resumed their production activities aiming to restart the trade dynamics to procure gains. Apart from China, manufacturers in other leading countries have also stepped up for the investment in shares of chemical and petrochemical market to secure their finances and to expand their involvement in business to strengthen the prolonged dull market dynamics of the Industry.
- Mitsui Chemicals, a reputed chemical manufacturing company of Japan registered a rise in its share by 0.21 per cent.
- South Korea’s Lotte Chemical incurred a prominent upsurge in shares by around 7 per cent.
- Hang Sensex Index of Hong Kong was also up by 0.77 per cent.
- Shares of a Japan based stock exchange company, Nikkei 225, rose by nearly 2 per cent.
- KOSPI Index of South Korea followed a rise in share by more than 1.69 per cent.
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As per the analysts, the sudden rise in share values of Asian Petrochemical Sector is a ray of hope which would improve the demand outlook of commodities, eventually leading to active gains in their business segments by the second half of financial year.
U.S. Shares fell Underwent downfall in Share value
U.S market has reported a slump in shares of many of its players on the back of negotiations in a supply reduction agreement between OPEC and its allies. After consecutive rise in the last three sessions, the U.S. equity index incurred a slump on Monday as investors remained cautious against bearish market sentiments of commodities amid coronavirus outbreak. With ongoing preventive measures such as lockdowns and trade disruptions, analysts have anticipated corporate finances to plummet by more than 10 per cent in the first quarter of the current financial year.
Key Headlines
- S. Chemical Companies’ Shares Fall while Asia’s Rise After OPEC+ Reduces Production Cut Targets
- S. Refineries Shut or Induce Production Cuts in Tandem with Waning Oil Demand
- Aramco Cuts Oil Prices for Asia Post the Historic Deal
- PetChem Curtails Output, Cuts Oleochemical Prices
- Hindalco Signs $2.8 Billion Deal to Acquire Aleris
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Source: ChemAnalyst
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