BANGKOK, Aug 16: The Thai stock market is expected to consolidate its recent strong gains in the week ahead with few fresh leads likely to develop, analysts said on Friday.

The Stock Exchange of Thailand (SET) composite index surged 15.84 points or 3.15 per cent over the past week to close Friday at 519.04.

“Early on in the week the market will consolidate its recent gains. The earnings season is practically over and there won’t be a lot of fresh developments as far as I can see,” said Kim Eng Securities research manager Michael Stead.

“It will be difficult for the market to move beyond the 530-level. We’ll see certainly for the first half of next week that it will consolidate at around current levels.

Stead said he expected to see interest among investors in minor stocks that have reported better than expected earnings as well as the property sector.

“Most people are realizing now that the housing boom is stronger than originally expected,” he said.—AFP