Thai solar stocks rally after US declares tariff waivers for solar panel imports

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Solar energy stocks listed on the Thai bourse rocketed on Tuesday after the Biden administration announced a suspension of tariffs on solar panel components from Thailand and three Southeast Asian nations.

Shares in Solartron Plc (SOLAR) soared 27 per cent from its prior closing to 1.42 baht in the morning session. SOLAR is a manufacturer of solar panels with an annual capacity of 185 megawatts.

SPCG Plc (SPCG), another solar energy firm, saw its shares jump 3 per cent to 17.10 baht, while shares in Ekarat Engineering Plc (AKR) gained 2.9 per cent to 1.06 baht.

Earlier this week, US President Joe Biden granted a tariff exemption for solar panel items from Cambodia, Malaysia, Thailand, and Vietnam for 24 months, and authorized the use of the Defense Production Act to boost domestic production. 

The move comes as an official investigation into the Southeast Asian solar industry, which is probing whether Chinese solar manufacturers were improperly funneling parts via these Asian countries, has frozen the solar power industry in the United States.

“This will benefit solar-panel producers and exporters to the US such as SOLAR and SPCG,” analysts at Krungsri Securities said in a note.

Solar energy stocks in the US market also welcomed the news on tariff waivers. 

Despite the tariff suspensions on Southeast Asian nations, the Biden administration insisted that the investigation will continue as tariffs imposed on China and Taiwan solar products will remain in place.

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