Thai stocks may see some short-term gains as investors selectively buy shares during the reporting season but quick profit-taking could limit any strong rise, analysts said. On Thursday, the benchmark SET index dropped 0.82 per cent to 1,092.31 as investors sold recent gainers, including Siam Cement which had risen after it released better-than-expected quarterly earnings.
"The possible good quarterly results of big sectors such as energy and petrochemicals will help support the market," said Parin Kitchaotornpitak, a senior analyst at broker Far East Securities."However, the market is still in a consolidation phase, which should lead to some volatility and then limited gains," he said.
Meanwhile, Siam Cement, Thailand’s top industrial conglomerate says a subsidiary has agreed to buy a majority stake in PT Keramika Indonesia Asosiasi Tbk, an Indonesian ceramic maker.