Thai logistics stocks rise after China lifts lockdown in Shanghai 

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Shares in logistics companies listed on the Thai Stock Exchange (SET) rose on Wednesday, as the lifting of a two-month Covid-19 lockdown in Shanghai, China’s largest city, suggests increased shipping traffic.

The uptick was led by Wice Logistics Plc (WICE) gaining 3.7 per cent from its prior closing  to 16.50 baht in the morning session. Leo Global Logistics Plc (LEO) also rose by 1.6 per cent to 13 baht. 

As economic activity in Shanghai resumed following a stringent city-wide lockdown for two months that confined most of its residents to their homes, analysts believe this will pave the way for shipping businesses to resume their operations.

“The easing of lockdown measures starting today will likely enhance momentum in the Thai market,” analysts at KTB Securities said in a note. “Influence from China still plays a big role in the Thai equity market.”

According to Chinese authorities, some businesses in the low-risk areas of Shanghai will be allowed to gradually resume operations, with a capacity limit for venues like supermarkets and shopping centres.

KTB said that the logistics and shipping sector, including Thoresen Thai Agencies Plc (TTA) and Precious Shipping Plc (PSL) is expected to outperform the market in the remainder of the year. 

Meanwhile, the shipping companies’ stock prices were little changed, with TTA and PSL dipping 1.49 per cent and 0.5 per cent from their prior closing, respectively.

“There will be pent-up demand after the easing of lockdown, as well as from the economic stimulus plans,” KTB added. 

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