OR price likely to continue to rise
published : 16 Feb 2021 at 08:22
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The share price of PTT Oil and Retail Business (OR) will likely continue an upward trend until it is added to the MSCI Global Indexes weight on Feb 26 when there may be a sell-off period, analysts say.
The price may be volatile during the period as investors take profits. However, it will be able to retain its momentum as the price is currently higher than its fundamentals and all brokers estimates.
Merchant Partners Asset Management s senior vice-president Prakit Siriwattanaket said analysts forecast the price range for OR would be at 19-25 baht per share on its debut on the Stock Exchange of Thailand (SET) last Thursday.
The Thai stock market plunged 80.60 points or 5.44% on Monday to close at 1401.78 points with trading worth 129.44 billion baht caused by the new surge of Covid-19 in Thailand.
Prospects of a nationwide spread and lockdowns in some areas may send the SET Index down to below 1400 points, said analysts.
The most traded stocks on Monday were Kasikorn Bank, down 7.56% with trade worth 6.2 billion baht, followed by Banpu which declined 3.54% with trade worth 4.45 billion baht, while PTT decreased 5.26% with trade worth 4.44 billion baht.
Foreign investors were net buyers at 3.79 billion baht, suggesting their confidence in Thai stocks fundamentals.
Pakorn Peetathawatchai, SET president, said trading on Monday was normal although the turnover was very high.