Shares in Siam Cement Pcl fell to their lowest in almost a week on expectations that the industrial conglomerate would report a fall in net profit for the second quarter hurt by weak results of its core petrochemical business.
Siam Cement shares were down 0.93 percent at 319 baht, falling at one point to 318 baht, the lowest since July 2. The broader stock market was up 0.03 percent.
Citigroup forecast Siam's net profit to fall 42 percent to 4.35 billion baht for the April-June quarter, year-on-year.
"First-half estimated profit should come at 34 percent of consensus fiscal year forecast, possibly leading to further earnings downgrades and a cap on the share price in the medium term," it said in a report.
Citigroup maintained its 'buy' rating on the stock, citing strong domestic consumption supporting Siam's cement and building material businesses, with a target price of 388 baht.
"Non-chemical business should partly offset chemical weakness until the next cyclical upturn," it said.
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