The share price of refining stocks in the Thai stock market continued to trade higher on Wednesday in response to the report of issuing a decree for THB150 billion loan guarantee for oil fund to lower consumer’s burden on high fuel prices.
Previously, refining stocks were under pressure in concerns that the Thai government could request them to subsidize rising oil prices one way or another which would have an impact on the financial statement this year.
Still, the measure is required to be examined by the Office of the Council of State and then proposed to the House of Representative to approve.
In the early trading session on Wednesday, the share price of Thai Oil Public Company Limited (SET: TOP) rose 1.34% to THB56.75 per share.
IRPC Public Company Limited (SET: IRPC) increased 0.57% to THB3.5 per share.
Bangchak Corporation Public Company Limited (SET: BCP) gained 1.59% to THB32 per share.
PTT Global Chemical Public Company Limited (SET: PTTGC) edged 0.53% higher to THB47.75 per share.
Star Petroleum Refining Public Company Limited (SET: SPRC) increased 2.44% to THB12.60 per share.
Esso (Thailand) Public Company Limited (SET: ESSO) jumped 2.59% to THB11.90 per share.
Asia Plus Securities (ASPS) expected TOP to benefit the most within the refining sector from this announcement, seeing lighter pressure on the company, especially after PTT Public Company Limited (SET: PTT) had donated THB 3.000 million to the oil fund not long ago.