SE Asia Stocks-Oil-related plays lead mrkts higher

* Surging oil prices push markets higher

* Singapore, Thailand, Philippines near 8-mth highs

* Vietnam falls to 1-week low

By Arada Therdthammakun

BANGKOK, May 29 (Reuters) - Surging oil prices pushed most
Southeast Asian stock markets higher on Friday, with energy and
commodities firms such as Malaysia's Sime Darby (SIME.KL) and
Singapore's Wilmar International (WLIL.SI) leading the way.

Singapore's Straits Times index .FTSTI rose 1.57 percent
to its highest close since October 2008. Malaysian shares
.KLSE climbed 0.28 percent, snapping a three-day losing
streak, while Thai stocks .SETI rose 0.9 percent to a near
eight-month high.

Among other markets, the Philippine index .PSI added 1.48
percent to each its highest close in almost eight months.
Indonesia .JKSE rose for a third day, up 0.73 percent, but
Vietnam .VNT fell 0.92 percent to end at a one-week low.

World oil prices jumped to a fresh six-month high after
OPEC decided to keep output unchanged, and U.S. government data
also showed a steep drop in U.S. crude inventories.

U.S. crude oil for July delivery CLc1 settled up $0.78 to
$65.78 a barrel at 0916 GMT.

"Energy firms and coal miners led the market gains as they
responded positively to rising oil prices," said Pichai
Lertsupongkij, head of sales at Thanachart Securities in
Bangkok.

He expected commodities-related stocks to continue higher
next week, while laggard stocks such as telecom firms may also
attract buyers.

In Singapore, the world's largest listed palm oil firm,
Wilmar International, surged 5.13 percent, after brokers
Goldman Sachs and Nomura Securities upgraded their target price
for the company's stock.

Other big-cap stocks also moved higher, with CapitaLand
(CATL.SI) rising 2.7 percent and DBS Group Holdings (DBSM.SI),
Southeast Asia's largest lender, climbing 1.72 percent.

Malaysian planters tracked the rise in oil prices, a day
after shares fell on worries that the country's domestic
economy would shrink by as much as 5 percent this year.

Sime Darby rose 6.67 percent, recovering from a one-week
low, while oil services firm Shell Refining (SLRS.KL) advanced
1.9 percent.

In Bangkok, PTT Exploration and Production PTTE.BK rose
more than 6 percent to its highest level since May 20 after the
company said higher sales and product prices were driving a
second quarter rebound. [nBKK399763]

Higher oil prices also pushed up Thailand's top oil and gas
firm PTT PCL PTT.BK by 2.17 percent, while top coal miner
Banpu BANP.BK rose 2.25 percent.

In Indonesia, coal mining firm Bumi Resources (BUMI.JK)
rose 1.55 percent, and Bukit Asam (PTBA.JK) ended 4.2 percent
higher.

Philippine's largest oil refiner Petron Corp (PCOR.PS) rose
1.7 percent.
($1= 34.37 Baht)
(Editing by Darren Schuettler)