At the end of the morning session on Wednesday, the share price of Indorama Ventures Public Company Limited (SET: IVL) gained 2.99% or THB 0.50 to THB 17.20, with a trading value of THB 335.38 million.
The Siam Cement Public Company Limited (SET: SCC) increased by 4.91% or THB 9.50 to THB 203.00, with a trading value of THB 518.43 million.
PTT Global Chemical Public Company Limited (SET: PTTGC) surged by 3.69% or THB 0.80 to THB 22.50, with a trading value of THB 356.11 million.
InnovestX Securities wrote in an analysis, noting a week-on-week contraction in petrochemical product margins, attributing the decline to escalating naphtha costs—a trend reinforcing negative sentiment for the industry. Polymer product spreads, encompassing LDPE, LLDPE, and PP, have decreased by 6% compared to the previous week, while aromatics such as PX and benzene have dropped by 7%.
Manufacturers in the olefins and styrenics segment, including PTTGC and IRPC, continue to face significant headwinds, and shares in the aromatics sector—namely Thai Oil (TOP)—remain under pressure.
Meanwhile, some positive developments have emerged. Integrated PET margin surged by 27% to $138 per ton, in step with a 4% week-on-week rise in PET resin prices, benefiting IVL. The improved PVC-ethylene price spread has also buoyed prospects for both SCC and PTTGC.
InnovestX maintains a cautious view on the petrochemical segment, citing concerns that persistently high oil prices could further compress product spreads. PTTGC remains highlighted as the firm’s top pick in the sector, with a target price of THB 33 per share.
