Shares in sugar miller Khon Kaen Sugar Industry Pcl rose as much as three percent on expectations of strong second-quarter earnings boosted by exports.

At the midsession break of 0530 GMT, Khon Kaen shares were up 0.8 percent at 12.9 baht, having hit 13.2 baht, outperforming the broader stock market which fell 0.7 percent amid weakness elsewhere in Asia.

Broker Phillip Securities expected the company to post a net profit of 800 million baht for February-April quarter, up 45 percent from a year earlier. It rated the stock 'buy,' with a target price of 15.8 baht.

"We expect the second quarter results to be the highest of the year for KSL on the back of sales volume growth. Current sugar price slump is unlikely to affect KSL's fiscal year 2012 operating performance thanks to its forward sales contracts," the broker said in a report.

1243 (0543 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)