Delta Electronics Thailand Public Company Limited (SET: DELTA), Thailand’s biggest market cap company, is one of the main movers in the Thai stock market in recent weeks, playing a great role bringing SET Index above 1,600 level. However, it is now pressuring the market heavily in the morning session.
As of 11:35 BKK time on Monday, Thailand’s SET Index dropped 10.38 points or 0.65% to 1,598.79 points, below its support level of 1,600 points.
The share price of DELTA fell more than THB 150 or 13.84% to THB 984 per share after nudging its record high of THB 1,142 per share last Friday.
The Stock Exchange of Thailand put DELTA under the Market Surveillance Measures this morning due to its abnormal movement in recent weeks. This required traders who want to purchase a Cash Balance account, which means each broker must ensure that its customers pay the full amount in cash prior to trading.
The share price of DELTA gained 25% in March and nearly 15% last week. The securities are now weighing the market down by 13.69 points, which is more than the current loss in the main bourse.
The Thai stock market has positive sentiment from OPEC+ cutting oil production, sending energy stocks moving higher. However, the top mover PTT Exploration and Production Public Company Limited (SET: PTTEP) did little to no help in bringing the market back up with 2.44 points mover.
