Shares in CPF and Sri Trang Gloves dip as Covid clusters prompt factory closures

Shares of Charoen Pokphand Foods (CPF) and Sri Trang Glove Thailand (STGT) dropped on Monday following temporary plant closures due to Covid-19 infections among factory workers.

CPF fell by 2.75 per cent to 26.50 baht when the trading began before climbing up to 27 baht, down 0.92 per cent as of 11.48 am, with a transaction value of 911.5 million baht.

STGT also slipped by 3.37 per cent to 43 baht and then increased to 44 baht, an overall drop of 1.12 per cent as of 11.48 am, with a transaction value of 875 million baht.

Over the weekend, CPF reported 245 infections from its processing facility in Khaeng Koi, Saraburi in the upper central part of Thailand. The plant will be closed for five days for disinfection.

The Khaeng Koi facility is one of the 19 that CPF has in the country but it is among the largest, according to Maybank Kim Eng Securities. Factories under CPF operation have around 5,800 of total employees, with about 3,400 workers tested so far.

Two plants of STGT also found 41 infected cases in Surat Thani and Trang province in the lower south region, and said it was halting production for three days.

Those two plants combined represent a production capacity of 43 million pieces per day out of the company’s 90 million in total for the country, Maybank Kim Eng noted.

Both companies’ managements said operations will not be disrupted for long.

Analysts at Kasikorn Securities said this sentiment will affect stocks in the industrial sector, but only for a short term, adding that there should be a chance to collect shares when the price dips. 

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