PSL and TTA decreased sharply in the morning session of Tuesday, September 7, 2021, following five consecutive days of falling freight prices.
As of 11:42 local time in Thailand, the share price of Precious Shipping Public Company Limited (PSL) dropped ฿0.70/share or 3.15% to ฿21.50/share, with a trading value of 591 million baht.
The share price of Thoresen Thai Agencies (TTA) dropped ฿0.40/share or 2.55% to ฿15.30/share, with a trading value of 416 million baht.
The Baltic Exchange Dry Index (BDI) fell 3.09% to 3,822, marking the fifth consecutive day of declines, which is projected to be negative for shipping stocks.
However, Mr. Suchet Suktae, Deputy Managing Director, Media Marketing Department of ASL Securities Co.,Ltd. through “Kaohoon Jor Talad Program” on September 7, 2021, stated that the movement in the Thai stock market would move sideways for a few days to see the government adjustment after the vote of no confidence last weekend. Mr. Suktae recommends focusing on “Buy on Weakness,” seeing a freight rate ticking down and recommending PSL, TTA and RCL that could potentially receive positive sentiment from the reopening and global trade.