Chemical stocks took a bigger hit than the broader market on Jun. 27, the first day of trading following the UK’s decision to leave the European Union, analysts said, noting that the  Brexit vote introduces significant uncertainty and volatility into the global economy, which is rarely good for chemical companies.

In a research note quoted by the CNBC news channel, CLSA analyst Nils-Bertil Wallin said chemical stocks have an overall European market exposure that is significant at an average revenue contribution of 24 %. “Economic and currency headwinds represent the biggest risk, with a potential to erode earnings per share by 3% in 2017,” Wallin added.

Figures show shares of Celanese, Eastman Chemical, LyondellBasell, Dow Chemical, DuPont and PPG Industries each down more than 3% in midday trading on Monday.

Chemical companies seen as having the greatest exposure to the UK include paints and coatings manufacturer PPG, followed by Celanese and Eastman Kodak. CLSA estimated that Celanese had almost 40% exposure to the European market, LyondellBasell around 35% percent and Dow just over 30%.

Reports from London said hedge funds that supported Brexit walked away with the biggest gains from the British referendum.