On Friday at 11:25 AM (Bangkok time), the share price of Bangchak Corporation Public Company Limited (SET: BCP) slumped by 3.28% or THB 1.00 to THB 29.50, with a trading value of THB 427.21 million.
Thai Oil Public Company Limited (SET: TOP) dropped by 2.42% or THB 1.00 to THB 40.25, with a trading value of THB 328.44 million.
Krungsri Securities (KSS) noted that BCP led losses among stocks within the Thai refinery sector. This followed apprehensions surrounding the return of Donald Trump as U.S. president. During his election campaign, Trump voiced plans to expand U.S. oil production if he secured a second term, thereby intensifying worries of an oil market oversupply and deepening the price, leading to a stock loss for oil refinery producers.
Simultaneously, the potential for a slowing global economy could further dampen oil demand and put added pressure on refinery margin.
