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SE Asia Stocks-Most indexes at one-month high, tracking Asia rally

BANGKOK, Sept 16 (Reuters) - Most Southeast Asian stocks

climbed to a one-month high on Monday, tracking a rally in Asian

stocks, as hopes about the U.S. Federal Reserves monetary

stimulus boosted buying interest in large caps with low

valuations such as banks.

Thai SET index topped among outperformers, gaining

almost 3 percent at one point to 1,441.89, the highest since

Aug. 16. Investors bought back recently-battered shares such as

Kasikornbank and Siam Commercial Bank.

The benchmark broke above a key resistance at the 1,430

level expected earlier by local brokers.

"We saw good inflows continued from last week and boosted

banking shares this morning and should set the index rise to a

next resistance at 1,450," said Phillip Securities strategist

Teerada Charnyingyong.

Market focus was also on the two-trillion-baht borrowing

bill for infrastructure development tabled for parliamentary

debate in the second and third readings before the end of this

week, Charnyingyong said.

Shares in builder CH Karnchang rose 4.5 percent.

Jakarta's Composite Index rose 1.7 percent by

midday, extending last week's 7.4 percent gain.

Bank Indonesia's unexpected announcement of a 25 basis

points rate hike late last week further lifted shares in banks

and underpinned sentiment in the Indonesian rupiah

"The foreign exchange rate appears to have a ricochet effect

on the stock market, as investors continue to buy Indonesian

stocks, speeding up index recovery," strategists at broker

Bahana Securities in Jakarta wrote in a report.

Philippine main index was up 2.7 percent, Singapore's

Straits Times Index rose 1.7 percent and Vietnam

pared its earlier gain.

Malaysia was shut for a holiday, reopening on Tuesday. It

posted a 2.7 percent rise last week along with others in

Southeast Asian peers as investors awaited cues from a U.S.

Federal Reserve meeting on Tuesday and Wednesday.

Shares rallied in Asia on Monday after news Lawrence Summers

had dropped from the race to head the Federal Reserve promised

to prolong the lifetime of super-easy money.

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Change at 0555 GMT

Market Current Prev Close Pct Move

TR SE Asia Index* 405.97 398.11 +1.97

Singapore 3172.16 3120.30 +1.66

Bangkok 1438.36 1401.08 +2.66

Jakarta 4448.48 4375.54 +1.67

Manila 6298.72 6133.24 +2.70

Ho Chi Minh 476.07 476.42 -0.07