PTT Public Company Limited (PTT) entered and began trading in the Stock Exchange of Thailand in 2001, since then PTT has become the largest market capitalization company in the stock market. Each year PTT records its market-cap of more a trillion baht
However, this week something that unprecedented happened on Monday of March 9, 2020, the worrisome of crude price led by a tension between Saudi Arabia and Russia provoking worldwide oil price shrunk by 24% to $30 per barrels.
PTT stock value immediately lowered down by 25.33% and lessening its market-cap of ฿1.07 trillion on March 6 to ฿7.99 hundred billion, losing by ฿2.7 hundred billion.
Even the value has slightly recovered but was not enough to reach its normal standard of a trillion baht and resulted in PTT to fall from the throne.
This phenomenon caused the second-largest market-cap company like Airports of Thailand Public Company Limited (AOT) overtaking to place as Thailand’s largest market-cap company instantly. And AOT also places as the world’s largest market-cap of airport company equities. Let’s see how long will AOT be crowned.
If Saudi Arabia and Russia agree to step back and return to negotiate then there is a charge driving an oil price upsurge again. But if both countries still too stubborn and continue pouring an eternal retaliation then nothing can pull up the oil price.
There is a long way to go for PTT to seize its throne back.
Moreover this week World Health Organization or WHO declared new coronavirus, a Covid-19 as a global pandemic after the virus has spread to more than 110 nations across the world.
Along with the outbreak in Thailand that tends to be more escalated day by day, remaining as another knife that is now stabbing both the Thai economy and the stock market. All those negative factors pressured PTT’s share price on March 12 to close at ฿26.5/share which slashed by 9.40%.
While AOT which is hit by Covid-19 as well, the stock price closed at ฿52.75/share on March 12, plummeted by 12.81%. If the situation maintains like this in a while then AOT can stay on a throne a bit longer.
Do not miss out on this match as if the crude price returns to its normal stage, PTT will certainly retrieve its throne.