Dry bulk shipping stocks gained on Monday, as the Baltic Dry Index (BDI) continued its upward trend after a steep decrease since October 2021 to close at 1,381 points last Friday.
The share price of Precious Shipping Public Company Limited (SET: PSL) rose THB1.20/share or 8.39% to THB15.50/share, with a trading value of THB390 million.
The share price of Thoresen Thai Agencies Public Company Limited (SET: TTA) rose THB0.50/share or 5.71% to THB9.25/share, with a trading value of THB241 million.
The share price of Regional Container Lines Public Company Limited (RCL) rose THB1.75/share or 4.40% to THB41.50/share, with a trading value of THB294 million.
Maybank Securities (Thailand) (MST) stated that the shipping group’s share price went up today in line with the Baltic Dry Index (BDI), which has continued to recover after plummeting to 565 points in October. The latest reading index was 1,381 points, up 79 points (+6.07 percent) last Friday. Additionally, investors expect that once the Chinese New Year is over, multiple transportation and logistics will improve.
MST recommends “BUY” on PSL with a target price of THB18.60 per share.