SE Asia Stocks-Most gain for second session; Thailand at over 2-wk high

June 11 (Reuters) - Most Southeast Asian stock markets rose

for a second session on Thursday helped by gains on Wall Street

with the Thai index trading at a more-than-two-week high.

However, speculation over an early rate hike by the U.S.

Federal Reserve along with a fall in some currencies like the

Indonesian rupiah and the Philippine peso kept investors

cautious.

Thailand's SET index was up 0.6 percent to its

highest since May 25 led by financials and energy stocks, a day

after the country's central bank held policy rates steady,

while Singapore was up 0.6 percent at a one-week high.

The Philippine index gained 0.8 percent, rising for a

second straight session from a five-month low hit on Tuesday,

and Vietnam was up 0.9 percent with most shares rebounding in

robust trade after some profit-taking sessions.

The Jakarta Composite Index, however, bucked the

trend and was 0.1 percent down, led by state-controlled banks

after a report that they will halve lending rates for small

businesses.

The index will be under pressure in the short term as

foreign investors are selling on speculation the Federal Reserve

will raise rates, weakness in the rupiah and the risk of rising

inflation, John Teja, director of Jakarta-based broker Ciptadana

Securities, said.

Shares of PT Bank Negara Indonesia were down 3

percent, PT Bank Mandiri fell 2 percent, and PT Bank

Rakyat Indonesia lost 2.4 percent.

Indonesia's rupiah has fallen around 7.5 percent so

far this year, while the Philippine peso hit more than

one-year low on Monday and investors are concerned it could hit

companies with huge exposures to forex debts and dollar costs.

Positive economic data suggest the Federal Reserve will

raise interest rates sooner than expected as the world's largest

economy was regaining speed.

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SOUTHEAST ASIAN STOCK MARKETS

Change at 0525 GMT

Market Current Prev Close Pct Move

Singapore 3346.70 3325.77 +0.65

Kuala Lumpur 1734.72 1735.63 -0.05

Bangkok 1513.04 1504.04 +0.60

Jakarta 4928.12 4933.56 -0.11

Manila 7445.88 7384.27 +0.83

Ho Chi Minh 579.43 574.10 +0.93

(Reporting by Shihar Aneez; Editing by Sunil Nair)