UPDATE 1-Thai broker Phatra turns bullish on its '09 profit

* Bullish on '09 earnings, portolio trading helps

* But sees lower market share in 2009 (Adds details, share prices)

BANGKOK, Sept 17 - Thailand's Phatra Securities said on Thursday it was becoming more bullish about its 2009 earnings, thanks to gains from portfolio trading.

The stockbroker, a rival of top broker Kim Eng and second-ranked Asia Plus, expected to make a bigger net profit than the 207 million baht ($6.2 million) it made last year, Chief Executive Officer Suvit Mapaisarnsin told reporters.

"The overall net profit should really top a year earlier. Our portfolio trading should help support this," Suvit said.

The company told Reuters in April, after a slump in stock market turnover, that its business was likely to be weak this year.

Suvit's new forecast reflected that of four analysts polled by earnings tracker Thomson Reuters I/B/E/S, which expected on average a net profit of 291 million baht, up 41 percent from a year earlier.

For the first half of 2009, the broker posted a net profit of 131 million baht.

Suvit said the company had invested over a billion baht from a total 2.9 billion approved by the company's board to be used for portfolio trading business.

The company is trying to restore its fortunes after slipping to fifth place among brokers this year with a market share of 4.3 percent from second with 5.9 percent last year, Suvit said, noting that retail customers were trading less.

About 50 percent of Phatra's clients are foreign institutional investors, 30 percent retail and 20 percent local institutions, Suvit said.

Phatra told the exchange its investment banking head, Aphinant Klewpatinond, would replace Suvit, effective as soon as it gets the Securities and Exchange Commission's approval.

At 0854 GMT, Phatra shares were down 0.5 percent at 19.20 baht and the overall index edged 0.13 percent lower. ($1= 33.64 Baht)