The share price of shipping stocks in the Thai stock market traded lower on Tuesday in fear of the ongoing Covid-19 outbreak in China that now has caused at least 11 cities and counties in China to be locked down.
As of 15:15 local time in Thailand, the share price of Thoresen Thai Agencies Public Company Limited (SET: TTA) plunged THB1.20 or 10.43% to THB10.30 per share. Precious Shipping Public Company Limited (SET: PSL) fell THB1.70 or 8.59% to THB18.10 per share, while Regional Container Lines Public Company Limited (SET: RCL) slipped THB0.50 or 0.98% to THB50.50 per share.
UOB Kayhian Securities stated that Thai shipping stocks edged lower due to a profit taking as investors are concerned over the lockdown in China after the new wave of Covid-19 outbreak, which could lead to lower freight rate. Shipping stocks in the U.S. also traded lower around 6-7% yesterday.
