On Friday at 2:44 PM (Bangkok time), the share price of Indorama Ventures Public Company Limited (SET: IVL) surged by 2.76% or THB 0.50 to THB 18.60, with a trading value of THB 474.88 million.
Shares of IVL have been showing a strong rally for four consecutive days from a closing price on January 12, 2026, at THB 16.40 per share to the current level at THB 18.60. This represents an increase of approximately 13.41%.
InnovestX Securities wrote in an analysis on Wednesday, noting a week-on-week contraction in petrochemical product margins, attributing the decline to escalating naphtha costs—a trend reinforcing negative sentiment for the industry. Polymer product spreads, encompassing LDPE, LLDPE, and PP, have decreased by 6% compared to the previous week, while aromatics such as PX and benzene have dropped by 7%.
Manufacturers in the olefins and styrenics segment, including PTTGC and IRPC, continue to face significant headwinds, and shares in the aromatics sector—namely Thai Oil (TOP)—remain under pressure.
Meanwhile, some positive developments have emerged. Integrated PET margin surged by 27% to $138 per ton, in step with a 4% week-on-week rise in PET resin prices, benefiting IVL. The improved PVC-ethylene price spread has also buoyed prospects for both SCC and PTTGC.
InnovestX maintains a cautious view on the petrochemical segment, citing concerns that persistently high oil prices could further compress product spreads. PTTGC remains highlighted as the firm’s top pick in the sector, with a target price of THB 33 per share.
