The share price of 7 Utilities and Power Public Company Limited (7UP) fell more than 29% at the open on August 5, 2021. Meanwhile, the plummet in today’s session was 7UP’s 6-day losing streak for as much as 63.8%.
The selloff on 7UP came after a series of speculative buy in July from the beginning of the month to July 27, resulting in a gain of share price from ฿1.91/share to ฿3.46/share, representing an increase by 81%.
The speculation in July came after the company moved forward on the investment in purchasing 40% stake of Gold Shores Company Limited (GS) from Bangkok Dec-Con Public Company Limited (BKD), which engages in the development of water supply utilities for raw water management, develop production system, a comprehensive water supply system and produce clean water for industry etc. in which investors were speculating on higher revenue from the opening of Phuket Sandbox.
However, 7UP faced a series of selloffs as investors started to take profit on their earlier speculation, causing the share price to decline for 6 consecutive days with a 30% decline in yesterday’s session.
As of 11:05 local time in Thailand, 7UP traded at ฿1.32/share, representing a decrease by ฿0.46/share or 25.84% with a trading value of 1,533 million baht.