SE Asia Stocks-S'pore, Malaysia climb, led by palm oil shares

* Palm oil shares extend gains on price outlook

* Thai stocks fall; profit-taking seen after results

* Philippines turns higher after recent losses, miners lead

By Viparat Jantraprap

BANGKOK, Nov 10 (Reuters) - Singapore shares climbed to
their highest in three weeks and Malaysian stocks hit 17-month
highs on Tuesday as palm oil firms such as Wilmar and Sime
Darby extended gains amid optimism about the outlook for palm
prices.

CIMB Research upgraded Asia's plantation industry to
"overweight" from "neutral" as it raised its crude palm oil
price forecasts for the next two years by 7-18 percent.
Macquarie Research has also upgraded its view on the plantation
sector.

Singapore's index .FTSTI rose 0.5 percent, with Wilmar
International (WLIL.SI) adding 1.7 percent and Noble Group
(NOBG.SI) rising 2.2 percent. The benchmark Straits Times Index
.FTSTI earlier touched its highest since Oct. 20.

Malaysia's index .KLSE ended up 0.5 percent at its
highest since May 23, 2008, with Sime Darby (SIME.KL) up 0.3
percent and Kuala Lumpur Kepong (KLKK.KL) 1.2 percent higher.

The Philippines .PSI jumped 2.8 percent to its highest
since April 3, 2008, turning round after a two-day loss. Top
miner Philex Mining Corp (PX.PS) shot up 14.3 percent while
rival Century Peak Metals Holdings Corp (CPM.PS) surged 8.3
percent.

Among weak spots, Indonesia .JKSE and Thailand .SETI
ended two days of gains, falling 1.02 percent and 0.7 percent
respectively, while Vietnam .VNI fell for a third day,
dropping 1.8 percent to its lowest since Sept. 7.

Brokers in Bangkok expected profit-taking after results.

"There could be profit-taking on large-cap stocks after
third-quarter results are out this week. We recommend investors
switch to mostly mid-cap stocks with a strong earnings
outlook," said Vikas Kawatra, head of institutional broking at
Kim Eng Securities.

Thailand's PTT Aromatics PTTAR.BK lost nearly 3 percent
after it reported a net profit in the third quarter, turning
round from a net loss a year earlier due to higher
petrochemical income and an absence of inventory losses.

Refiner IRPC IRPC.BK fell 2.4 percent and CP Foods
CPF.BK dropped 1 percent after quarterly results.

In Jakarta, coal miner Bumi Resources (BUMI.JK) lost 6.5
percent after it announced plans to increase its debt by
raising $300 million from the sale of seven-year notes.

Singapore Airlines (SIAL.SI), the world's biggest carrier
by market value, ended up 0.1 percent. After the close it
reported a worse-than-expected quarterly loss as the global
economic slowdown hit margins, but it said the outlook had
improved.
($1=33.31 Baht)
(Editing by Alan Raybould)