GULF falls 2.81% on concerns Singtel's lock-up on remaining 4.95% stake has expired

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GULF shares fell 2.81% to 60.50 baht, down 1.75 baht, with trading value of 2.35 billion baht as of 4:18 p.m. The stock opened at 61.75 baht, hit a low of 60.25 baht and a high of 62.00 baht. Narongdech Chantraipaisal, director of securities analysis at Aira Securities, said the heavy selling in the afternoon came from risk reduction over concerns that today, September 24, is the first day Singtel can sell the roughly 4.95% of GULF shares still held by Singtel Global Investment Pte. Ltd., after Singtel had previously signalled it would manage its GULF stake, which turned into negative sentiment. Earlier, Singtel Global Investment carried out a big lot transaction selling about 416 million GULF shares, equal to 2.8% of all shares, worth 24.54 billion baht, along with a 90-day lock-up agreement barring sales of the remaining stake. In addition, the overall market today was pressured by higher oil prices and rising US government bond yields, which also weighed on power plant stocks.

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Energy Transition & Power Demand▼ · 1 stocks
Others▲ · 1 stocks

Off-coverage companies 1

Singtel Global Investment Pte. Ltd.Private▼ Negative
Capitalrelevance

Singtel's lock-up on its remaining 4.95% GULF stake expired, enabling it to sell the shares, which pressured GULF stock.

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