Delta Electronics (Thailand) informed the Stock Exchange of Thailand (SET) the company's share price fluctuations were caused by external factors and its financial fundamentals remained robust, as the stock continued to sway on Wednesday.
After slumping by 18.3% on Tuesday, when the SET's market surveillance cash balance and credit limit measures on Delta took effect, the company's shares were up by 0.26% at the close of trade on Wednesday.
The price was volatile throughout the day, remaining in the red until minutes before the closing bell.
The current trading alert on Delta's shares is effective until July 10.
In a filing to the SET on Wednesday, president and director Jackie Chang attributed the recent fluctuations in Delta's stock price to "various market conditions and external factors beyond our control".
"Consequently, we are unable to provide comments on this matter. However, we want to assure our shareholders and the public that the company's long-term business strategy remains unaffected by the stock market fluctuations," he said.
Mr Chang reiterated that Delta's current free float stands at 22.3%, surpassing the SET's minimum requirement of 15%.
"The company's financial fundamentals remain strong, evident from our robust year-on-year revenue and profitability growth in the first quarter of this year," he said.
Mr Chang said Delta Electronics is committed to sustainable growth benefiting all stakeholders, abiding by all market regulations.
"We prioritise domestic and international investments, capacity expansion, operational efficiency, cost optimisation and enhanced R&D capabilities," he said.
Asia Plus Securities (ASPS) said the SET index remains on course to slide further amid concerns about Delta's volatility.
"Delta normally accounts for 4.1% of the bourse's trading value. When Delta was put on the trading alert list from April 3-21, it made up only 1% of trading value," said the brokerage.
"Since being added to the list on June 20, the SET trading value is projected to drop."
From Jan 1 to June 19 this year, DELTA jumped 41%, adding 43.8 points to the SET index.
The SET index has declined by 6.7% year-to-date, which would be a 9.3% dip without Delta, said ASPS.
Shares of Delta closed on Wednesday on the SET at 96.25 baht in trade worth 1.58 billion baht.
