The share price of coal-related stocks continued to decline, led by The Lanna Resources Public Company Limited (LANNA) and Banpu Public Company Limited (BANPU) after the coal price dropped more than 10% to $150.9 per metric ton last Friday.
As of 11:00 local time in Thailand on November 11, 2021, the share price of LANNA plunged ฿2.30/share or 11.39% to ฿17.90/share. It fell 32.45% in two weeks.
BANPU fell ฿0.60/share or 5.26% to ฿10.80/share. The share price fell 17.55% in two weeks.
Asia Green Energy Public Company Limited (AGE) decreased ฿0.08/share or 2.74% to ฿2.84/share. The share price fell 10.12% in two weeks.
Asia Wealth Securities stated that the coal price for December had plunged more than 10% on last Friday’s session, posting a second week of losing streak. The decline in coal price was due to the intervention of the Chinese government that ordered miners to increase output to meet the demand amid the energy crisis in the country. Meanwhile, the easing tension between China and Australia is also a negative sign to stocks related to coal price.
AWS recommended target price for BANPU at Bt14.20 per share and advised to hold LANNA.