Thai stocks ended down on Wednesday as investors locked in profits for a second day, but strong gains in brokerage shares ahead of earnings announcements limited the fall.
Top underwriter Asset Plus Securities jumped 9.16 percent to 143 baht, while top broker Kim Eng Securities rose 7.25 percent to 74 baht. Securities firms are expected to post outstanding 2003 results as average daily turnover last year leapt to 18.9 billion baht from 8.4 billion baht in 2002.
The benchmark Stock Exchange of Thailand (SET) composite index fell 1.39 points, or 0.18 percent, to close at 790.84 points.
The big-cap SET 50 fell 0.62 percent to 51.02 points. Turnover dropped to 48.9 billion baht ($1.25 billion) from 61.9 billion baht on Tuesday.
"The market rose too much too fast," said KGI Securities head of research Pichai Lertsupongkit, noting that the SET index was at only 605 points at the end of November.
"It's not surprising that it is shaking a bit," he said. "In the short-term, investors still want to lock in profits."
"The market is in a correction phase after it couldn't pass the 800-point resistance," Pichai added.
Bank and finance companies, both due to release 2003 results next week, were among the most active stocks on Wednesday.
"For most of them, the fourth quarter should be better and 2004 should show further improvement in line with a growing economy," KGI's Pichai said.
But investors cashed in on bank stocks, sending Krung Thai Bank down 1.55 percent to 12.70 baht. Siam Commercial Bank fell 0.61 percent to 54.17 baht.
Bank stocks have enjoyed a strong rally since late last year, and analysts said they are a good long-term investment in 2004. Big finance firms like Kiatnakin Finance and Tisco Finance also succumbed to profit-taking.
Tisco, which reported a 64 percent jump in 2003 net profit, slipped 2.07 percent to 35.50 baht, while Kiatnakin dropped 0.52 percent to 47.75 baht.
Bucking the market trend, the property sector index rose 1.14 percent with Property Perfect up 5.31 percent at 15.06 baht and Bangkok Land up 3.33 percent at 1.86 baht.
Analysts said investors were returning to the sector after property shares fell in December on news the government would not extend real estate tax incentives.
Shares in Siam Cement, Thailand's biggest industrial conglomerate, fell 2.33 percent to 252 baht, dragging the building materials sector down 1.97 percent.
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