SE Asia Stocks-Perk up but volume falls; Manila at record high

* Some investors limit positions ahead of long weekend

* Philippines outperforms; property shares lead

* Inflow trend bodes well for Singapore and Thailand

By Viparat Jantraprap

BANGKOK, Sept 9 (Reuters) - Most Southeast Asian stock
markets gained on Thursday as successful European bond auctions
eased concerns over Europe's debt problems, reviving appetite
for equities in the region despite caution ahead of market
holidays.

Stronger local currencies suggested rising inflows into
several stock markets, with some dealers forecasting further
gains for Singapore .FTSTI and Thailand .SETI.

Singapore-based Najeeb Jarhom of AmFraser Securities Pte
Ltd put the next targets for Singapore's Straits Times Index at
3,065 and 3,170, compared with the close of 3,022.28, up 0.36
percent.

The Straits Times Index's 64.5 percent jump last year,
Southeast Asia's second best, already reflected the better 2010
economic outlook, he said.

"Singapore's rally in 2009 was fundamentally driven in
anticipation of the expected GDP bounce this year and strong
corporate earnings growth," he said.

Investors refrained from taking positions ahead of a
holiday on Friday, with daily volume half its 90-day average.
[ID:nSGE67I058]

Indonesia, Malaysia and the Philippines are also closed for
Muslim holidays on Friday. Indonesia remains closed until next
Wednesday but the others resume trading on Monday.

Among gainers in Singapore, top lender DBS Group (DBSM.SI)
rose 0.3 percent, while among firm commodities shares Olam
International (OLAM.SI) gained 2.6 percent.

Asian stocks in general edged up and the yen held below a
15-year high on Thursday after a small rally on Wall Street
driven by the successful European bond auctions.

Malaysia .KLSE gained 0.25 percent, ending a run of four
weak sessions, with daily volume falling to two-thirds of its
90-day average.

The Philippines .PSI rose 2.6 percent to an all-time
high, recording inflows of $15.5 million, Thomson Reuters data
showed. Vietnam .VNI snapped a two-day fall, rising 1.1
percent as traders sought short-term bargains.

Increased fund inflows propelled the Singapore dollar
SGD= to a record high on Thursday.

Similarly, the Thai baht THB=, the third-best Asian
performer this year after the Japanese yen and Malaysian
ringgit, jumped another 0.6 percent to set a new 13-year high
thanks to increasing capital inflows into Thai bonds and
stocks.

Bangkok-based dealers said the currency trend pointed to
more inflows coming into financial markets in Asia.

"The Thai baht extended gains today, which suggests inflows
are still coming to local financial markets," said strategist
Sukit Udomsirikul at SCB Securities.

However, bucking the trend, Thailand .SETI lost its early
gains and finished 0.26 percent lower, following a batch of
late sell orders.

Some dealers said the baht's trend had dampened sentiment
in exporters' stocks. Electronics exporters were among losers,
with Delta Electronics (Thailand) Pcl DELT.BK falling 0.96
percent and Hana Microelectronics Pcl HANA.BK down 0.4
percent.

In Manila, gains were led by property shares, with a 7.97
percent rise in real estate firm Ayala Land Inc (ALI.PS), the
second-biggest firm by market capitalisation, and an almost 10
percent jump in property firm SM Prime Holdings Inc
(SMPH.PS)."
(Additional reporting by Singapore bureau; Editing by Alan
Raybould)