GC-TOP shares surge as Saudi Arabia cuts Asian oil prices by most in 6 years

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Refinery and petrochemical stocks led the market higher, with PTTGC at 51.75 baht, up 1.50 baht or 2.99%, and TOP at 74.50 baht, up 3 baht or 4.20%, as of around 11:20 a.m., after Saudi Aramco announced it would cut the price of Arab Light crude for November delivery to a discount of 5 dollars per barrel against the regional benchmark, up from a discount of 2 dollars in October. That marks the largest discount in six years, reflecting intensifying competition for market share in Asia's oil market. The market is watching whether lower crude costs will support refining margins and act as a positive factor for refinery stocks, especially TOP, while PTTGC drew speculative buying on the broader energy and petrochemical outlook. For GC shares, 16 analysts gave an average target price of 45.50 baht, with a high of 63 baht, and most recommended buying, with KGI Securities giving 53.50 baht and Asia Plus Securities giving 48 baht. For TOP, 20 analysts rated it, with 14 recommending buy and 5 hold, at an average price of 72.11 baht and a high of 88 baht.

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Saudi Aramcoi
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Aramco itself cut Arab Light November prices to a $5 discount, its deepest in six years, amid a fight for Asian market share