Investors push stock prices up in wake of Omicron
Share prices for the main container shipping companies have risen on average 140% since 2021 start, with stocks on the move after a dip in October. Gains began after the release of the carriers’ Q3 results and have further accelerated since the emergence of Omicron.
Share increases have occurred in a narrower band this year. Taiwan carriers led the field with gains of 200-300% since January. Hapag-Lloyd stock has risen 150% so far in 2021, while Matson, COSCO and Maersk have enjoyed increases of 46%, 47% and 56% respectively.
HMM performance relatively muted after the exercise of bond conversion rights and subsequent stock dilution by state shareholders appeared to have a dampening effect on the share price. Its stock closed at KRW 28,250 on Monday, well down on its peak of KRW 51,100 in May.
Shares in Taiwan carriers have also fallen from their peaks amid fears of inflation and COVID cases surge. At their peak in July, monthly share turnover in the three #carriers totalled TWD 3.81 trn ($137 bn), or an impressive 30% of all turnover on the Exchange.