Reuters: Hot Stocks: STOCKS NEWS THAILAND-Thai banks fall but Citi upbeat on earnings

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STOCKS NEWS THAILAND-Thai banks fall but Citi upbeat on earnings Apr 10th 2012, 05:48 Tue Apr 10, 2012 1:48am EDT Shares in Thai banks fell 2 percent to a three-week low as investors took profits in a holiday shortened trading week, though they were supported after Citigroup said banks would post strong earnings in the first quarter on growth in loans and lower taxes. Citi echoed other brokerages that have predicted companies such as Bangkok Bank Pcl, Siam Commercial Bank Pcl and Kasikornbank Pcl will deliver solid results when they report later this month as the country's economy picks up. Citi said their had been increased appetite for autoloans and loans related to capex, although demand for loans to help rebuilding after last year's floods had been weaker than expected. The brokerage also said banks had been helped by lower taxes and as they reduced write-offs on bad loans. Despite Tuesday's drop, Thai banking shares are 17.5 percent higher so far this year, outpacing a 13.7 percent gain in the broader market. Markets in Thailand will be closed for public holidays on April 13 and 16.

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