On Wednesday at 3:51 PM (Bangkok time), the share price of Precious Shipping Public Company Limited (SET: PSL) jumped by 6.84% or THB 0.40 to THB 6.25, with a trading value of THB 38.75 million.
Regional Container Lines Public Company Limited (SET: RCL) gained 2.68% or THB 0.75 to THB 28.75, with a trading value of THB 108.86 million.
Thoresen Thai Agencies Public Company Limited (SET: TTA) rose by 1.01% or THB 0.04 to THB 4.00, with a trading value of THB 9.45 million.
Phillip Securities (Thailand) noted that shares of Thai shipping stocks surged after the Houthis claimed responsibility for drone attacks on the cargo vessel Magic Seas in the Red Sea.
The analyst indicated that tensions have been escalating since the end of last week and further attacks are likely, as the Houthis have declared their intention to continue such actions to express support for Palestine, specifically targeting general cargo ships and vessels linked to Israel. This has heightened market concerns that shipping rates may increase.
In the short term, the brokerage firm recommends ‘speculative trading’ on shipping stocks such as LEO and TTA, as their prices continue to lag behind peers.
