SE Asia Stocks-Singapore down, Thailand up as emergency ends

* Weak property earnings weigh on Singapore's market

* Thailand touches 15-week high after emergency lifted

* Malaysia, Philippines up, but Indonesia falls further

BANGKOK, April 24 - Singapore shares <.FTSTI> fell on Friday, hurt by a plunge in first-quarter earnings from CapitaLand <CATL.SI>, while Thai stocks <.SETI> rose after a 12-day state of emergency was lifted.

Other Southeast Asian markets were mixed. Malaysia <.KLSE> rose for a third day, up 1.43 percent to its highest since Oct. 7, but Indonesia <.JKSE> drifted 0.09 percent to an eight-day low and Vietnam <.VNI> fell 1.68 percent.

The Philippine market <.PSI> closed up 1.7 percent at a six-month high, helped by a jump in Manila Electric Co <MER.PS> of 11.8 percent after the regulator said the firm could raise its basic charges. [nMAN172576]

Trading everywhere was cautious ahead of results of the U.S. government's stress tests on 19 major banks. The tests are designed to show how U.S. banks would fare under more adverse economic conditions and the results are due out on May 4.

"Some markets saw corrections as investors are taking profits after recent rallies, tracking sentiment on other overseas bourses," said Kosin Sripaiboon, head of research at UOB Kay Hian Securities in Bangkok.

"Key U.S. economic figures next week, which are expected to show some positive direction, should help cushion the markets, which will be under pressure from poor quarterly earnings coming out later this month," he added.

Singapore's Straits Times Index dipped 0.38 percent. CapitaLand, Southeast Asia's largest developer, fell 2.26 percent after it reported an 83 percent plunge in first-quarter net profit and warned about losses on investment properties. [nSIN389965]

The sell-off was also stirred by weaker private home prices. Singapore government data showed prices fell 14.1 percent in the first quarter of 2009 compared to the previous quarter, as the city-state plunged into its worst-ever recession. [nSGC001102]

Keppel Land <KLAN.SI>, Singapore's third-largest developer, fell 6.38 percent after it announced a rights issue. [nSIN479070]

The announcement of the end of the state of emergency in Bangkok pushed Thai stocks up up 1.72 percent, although some analysts doubted they would go much higher in the near term.

"The prices of energy stocks have mostly factored in expectations of an earnings recovery ... Also, banking should be out of favour, given weak earnings and the coming economic deterioration," Bangkok-based KGI Securities said in a note.

Tourism-related shares reponded positively to the lifting of the emergency, with national carrier Thai Airways <THAI.BK> surging 8.3 percent, Airports of Thailand <AOT.BK> up 2.2 percent and hotelier Minor International <MINT.BK> up 7 percent.

In Kuala Lumpur, banks rose on a report the government may lift a 30 percent cap on foreign shareholdings in commercial banks. [nKLR504930]

Top lender Maybank <MBBM.KL> climbed 2.3 percent, Bumiputra Commerce <BUCM.KL> rose 1.9 percent and Public Bank Bhd <PUBM.KL> edged up 1.8 percent.

However, Proton Holdings Bhd <PROT.KL> fell 1.3 percent after OSK Research downgraded the company to sell after the company said it was not in merger talks with any party. ($1= 35.42 Baht)