IVL Jumps 8% in Response to China’s Services Sector Strong Rebound, Giving “BUY” at ฿35

The share price of Indorama Ventures Public Company Limited (IVL) rose ฿2.50/share or 7.81% to ฿34.50/share with a trading value of 2,256 million baht in response to China’s economic recovery after PMI hit 10-year high.

 

Krungsri Securities stated growth in China’s services sector accelerated in November, particularly an increase in Purchasing Managers’ Index (PMI) to 57.8, the highest reading since 2010, provided positive sentiment to IVL along with boost demand for petrochemical products as China is the world’s top petrochemical consumer. Giving “BUY” recommendation at a target price of ฿35.00/share.

 

LH Securities recommended “Speculation” on IVL with the resistance at 34.25 and the support at 26.