In a robust morning session on 19 February 2026, shares across the PTT Group saw significant gains, propelled by a convergence of rising crude oil prices, sustained high refining margins and strong fund inflow.
Leading the charge, PTT rose 2.76% to 37.25 THB, while PTTEP and Thai Oil (TOP) followed suit with gains of 1.85% and 1.97% respectively. IRPC also recorded a notable jump of 3.10% during early trading.
According to market analysts at DBS Vickers, the current momentum is primarily driven by the upstream and refinery sectors. Global crude oil prices have found support from escalating geopolitical tensions in the Middle East and tight physical differentials. While macroeconomic concerns continue to cap potential upside, stabilizing gas markets in Europe and the U.S. have provided a steadier backdrop for energy stocks.
In the refining sector, the Singapore Gross Refining Margin (GRM) improved by 6% week-on-week, largely bolstered by the gasoline segment. This has directly benefited refiners like TOP, despite a slight increase in crude premiums.
The petrochemical sector is also beginning to show seasonal recovery signals, although performance remains mixed. Aromatics continue to demonstrate more strength than polymers. Analysts noted that while PVC is seeing a slow recovery due to the “high season” in the construction industry, polymer margins remain narrow, creating pressure for companies like IRPC.
For the parent company PTT, the gains from its upstream operations are currently being partially offset by the ongoing weakness in the petrochemical segment. Meanwhile, other subsidiaries such as GPSC (+0.57%) and OR (+0.69%) also posted modest gains, contributing to the group’s overall positive trajectory. This collective rise reflects a market responding to favorable energy price trends despite underlying volatility in global demand.
Additionally, the latest report from Bloomberg added that Grantham Mayo Van Otterloo & Co. (GMO) redirected investments away from Indonesian equities. The move came after MSCI issued a notice that Indonesia may be moved to frontier market status unless transparency in shareholdings is improved. Indonesia has been given a deadline in May to demonstrate regulatory reforms that could safeguard its market standing.
Meanwhile, GMO identified Thailand as a preferred market, citing the recent election victory of Prime Minister Anutin Charnvirakul, which is expected to ensure governmental stability. As a result, Thai shares now represent one of the firm’s largest overweight positions globally.
