On Tuesday at 3:53 PM (Bangkok time), the share price of The Siam Cement Public Company Limited (SET: SCC) dropped by 3.96% or THB 6.50 to THB 157.50, with a trading value of THB 620.52 million.
SCG Packaging Public Company Limited (SET: SCGP) slumped by 7.95% or THB 1.20 to THB 13.90, with a trading value of THB 590.19 million.
Finansia Syrus Securities (FSS) noted that the ratings of SCC and SCGP have been downgraded by foreign brokers from ‘Buy’ to ‘Neutral’ due to concerns over the slowing economy in Indonesia, which could impact SCC’s business operations.
Additionally, SCGP’s packaging business, which has investments in Indonesia, may not reach its breakeven point as planned by the year 2025, presenting a challenge to the company’s performance and consequently affecting SCC as well.
The analyst recommended investors monitor updates regarding Indonesia’s economic outlook.
