Tuesday, September 20, 2011

Petronas Chemicals sees RM2b erased from market cap

KUALA LUMPUR: Petronas Chemicals Group Bhd saw some RM2 billion erased from its market capitalisation at late morning on Tuesday, Sept 20, but traders said this was possibly due to foreign funds selling down its shares.

At 11.30am, the stock fell 25 sen to RM5.80 with 19.26 million shares traded.

A trader said that fundamentally, Petronas Chemicals was sound and that the price retracement was more to do with negative market movement.

'There is no reason to sell down the shares at the moment; a strengthening ringgit would improve its earnings and there are also not indications of a slowdown in demand,' he said.

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