Thailand's main stock index ended almost flat on Thursday after a three-day rally, but foreign buying pushed up top energy firm PTT PCL due to its plan to sell shares in a subsidiary, analysts said.
The benchmark Stock Exchange of Thailand composite index crept up 0.11 of a point, or 0.02 percent, to 662.39 points while the big-cap SET 50 slipped 0.09 percent to 45.58 points.
The composite index, which has risen more than 10 percent over the past month, hit a two-month high of 666.50 points in early trade before profit-taking emerged.
Turnover dropped to 26.7 billion baht ($646.3 million) from a five-month high of 36.1 billion baht on Wednesday. Last week, turnover averaged 10 billion baht.
"Although there were some profit takers, they could not stop the uptrend as PTT's gains lent support," said Kim Eng Securities analyst Pongpan Apinyakul.
"The market should go up further because some stocks were having a rest, which should not last long as sentiment is improving," said Pongpan, who expected resistance on the main index at 671-673 points and support at 660 points on Friday.
The rise of some big-cap stocks indicated foreign investors, net buyers of Thai shares worth 15 billion baht over the previous 16 trading days, were still buying, analysts said. Their top pick stocks included PTT, Siam Cement and Bangkok Bank, they said.
PTT shares, the most active stock, rose 1.9 percent to a six-month high of 163.82 baht on strong foreign buying, dealers said. The energy sector index rose 1.2 percent. Thai Petrochemical Industry, the country's biggest corporate debtor, rose 2.7 percent to 9.45 baht on hopes the firm's creditors would approve a $2.6 billion debt plan when they meet on September 27, they said. Shares in top industrial conglomerate Siam Cement, which rose strongly over the last few days on hopes of higher earnings, ended the day down 1.6 percent at 246 baht.
There was also profit taking on bank stocks, which rose on Wednesday on expectations of a reduction of bad loans on their books and a consequent boost in earnings. The sectoral index fell 1.4 percent.
Bangkok Bank, Thailand's largest commercial bank, fell 1.5 percent to 97 baht, while Krung Thai Bank dropped 1.7 percent to 8.70 baht.
Shares in chicken exporters fell after the European Union extended its ban on imports of fresh and frozen Asian poultry products for a further three months due to bird flu.
Charoen Pokphand Foods fell 0.5 percent to 3.72 baht and GFPT dipped 0.8 percent to 12.20 baht.
Top hot-rolled steel coil maker Sahaviriya Steel Industries ended unchanged at 29.25 baht after rising one percent, while shares in Nakornthai Strip Mill surged 6.8 percent to 2.2 baht, their highest since May 6.