SE Asia Stocks-Most gain on commodity plays; Indonesia leads

BANGKOK, Sept 3 (Reuters) - Most Southeast Asian markets

ended higher on Tuesday as investors loaded up on

commodities-related stocks amid a spate of upbeat economic data

across the globe while Indonesian coal miners gained as a rise

in the dollar bolstered earnings outlook.

The region saw rotational play into commodity and energy

stocks, including Golden Agri-Resources Ltd, Tenaga

Nasional and Thai Oil, on optimism about the

global economic outlook.

Trading volume was relatively weak across exchanges, mostly

below a full-day average over the past 30 sessions, reflecting a

lack of conviction among risk-averse investors as caution

persisted on weak economic data in Southeast Asia.

Indonesian shares outperformed, with Jakarta's Composite

Index closing up 1.5 percent, regaining some of the 2.2

percent drop on Monday, with shares in PT Perusahaan Gas Negara

Tbk up 5.8 percent after a 4.6 percent loss on Monday.

Investors piled into coal miners, including Adaro Energy

, as the dollar's appreciation against the rupiah

provides benefits for coal plays.

The Indonesian rupiah weakened past the

psychologically important level of 11,000 per dollar on Tuesday,

for the first time in more than four years, as the market

fretted after the government reported a record monthly trade

deficit.

The Philippine composite index ended up 0.4 percent,

holding up above the key 6,000 closing level for a third

session, with its economic outperformance underpinning the

broader market sentiment.

Philippine stocks remained relatively high, trading at

around 17 times forward price-to-earnings multiple versus 22

times at the peak of the market in May, said Manila-based

strategist Luz Lorenzo of Maybank ATR Kim Eng.

Luz expected the market rise to 7,000 levels toward the end

of the year. The index target reflected 19 times forward

price-to-earnings.

"...the economy is also on a higher growth trajectory, with

GDP expansion in the last six quarters exceeding 6 percent. This

has not happened since the eighties, which is how far back

quarterly data goes. We believe such growth is sustainable and

justifies the higher market PER," Luz said.

Malaysian shares edged up 0.4 percent after Monday's 0.6

percent loss. Thai stocks retreated, down 0.6 percent after a

surge of more than 2 percent on Monday.

Stocks in Singapore closed nearly flat, reversing

earlier gains, after having risen on Monday. Stocks in Vietnam

edged down 0.1 percent as trade resumed after a market

holiday on Monday.

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SOUTHEAST ASIAN STOCK MARKETS

Change on day

Market Current Prev Close Pct Move

TR SE Asia Index* 382.59 382.98 -0.10

Singapore 3054.78 3055.72 -0.03

Kuala Lumpur 1724.21 1717.56 +0.39

Bangkok 1315.41 1323.70 -0.63

Jakarta 4164.01 4101.23 +1.53

Manila 6083.91 6061.80 +0.36

Ho Chi Minh 472.17 472.70 -0.11

Change on year

Market Current End prev yr Pct Move

TR SE Asia Index* 382.59 424.10 -9.79

Singapore 3054.78 3167.08 -3.55

Kuala Lumpur 1724.21 1688.95 +2.09

Bangkok 1315.41 1391.93 -5.50

Jakarta 4164.01 4316.69 -3.54

Manila 6083.91 5812.73 +4.67

Ho Chi Minh 472.71 413.73 +14.13

* The Thomson Reuters South East Asia Index is a

highly representative indicator of stocks listed in Indonesia,

Malaysia, the Philippines, Singapore, Thailand and Vietnam.

Stock Market Volume (shares)

Market Current Volume Average Volume 30 days

Singapore 185,068,500 272,313,503

Kuala Lumpur 132,452,500 166,761,810

Bangkok 8,755,503 8,969,849

Jakarta 3,977,986,000 3,524,733,167

Manila 39,082 82,891

Ho Chi Minh 29,194 43,658