* Thai stocks at 33-month peak; Q2 GDP tops forecasts
* Malaysia, Phillippines hover around 2-½ year high
* Indonesia, Thailand add smaller net inflows
By Viparat Jantraprap
BANGKOK, Aug 23 (Reuters) - Thai stocks edged higher on Monday to their highest in 33-months after better-than expected second-quarter economic data and an improving outlook.
Thailand's economy unexpectedly grew in the second quarter from the first as a surge in exports offset deadly political unrest, cementing expectations interest rates will rise further this year.
The state planning agency also raised its 2010 GDP growth projection to 7.0-7.5 percent from its forecast in May of 3.5-4.5 percent.
Thai SET index inched up 0.1 percent. The Thai market outperformed Southeast Asian bourses last week when it gained a combined $195.9 million of net foreign inflows, recording net inflows for the year for the first time since the middle of May.
Net inflows were a tiny $6.31 million for the session, according to the exchange data. Several analysts said they see values in Thai stocks.
"We've seen a significant rise in equity values in the last 1 to 1 ½ months but Thai stocks look likely to remain attractive for quite some time on a relative valuation basis," said Rahul Bajoria, Economist at Barclay's Capital Singapore.
Among gainers, Siam Cement rose 1.5 percent. It was among operators of halted projects expected to be excluded from the list of industrial projects deemed harmful to the community and environment at Thailand's biggest industrial estate.
Thai Prime Minister Abhisit Vejjajiva said the government would announce the list in the next one or two days.
Investors booked profits in energy PTT, which fell 0.8 percent. A senior official at the Energy Ministry said late on the day that PTT's gas separation plant at the Map Ta Phut industrial estate is not on a list of harmful industries.
Economic optimism continued to boost investor appetite in the region, sending Malaysia and the Philippines each to a 2-½ year high with each adding about 0.6 percent.
Indonesia rose 0.35 percent to close at 3,128.73, topping its record high set on Friday. Asia's second-best performing bourse had $7.29 million net inflows on the session, with capital flows for the year rising to $1.63 billion, according to Thomson Reuters' data.
Bucking the trend, Singapore was down 0.36 percent and Vietnam lost 1.5 percent.
Several Southeast Asian stock markets closed above their 5-day moving average, showing a near-term buy signal, including Thaiand's 5-day moving avearage of 886, Malaysia's 1,390.91, Indonesia's 3,101.12 and Philippines' 3,569.63.
Among weak spots in Singapore, Wilmar, the world's largest listed palm oil firm, fell 0.3 percent.
It announced its subsidiaries will acquire the business of a Singapore sugar trading company, Windsor & Brook Trading, and all of the shares of PT Jawamanis Rafinasi, which owns sugar refineries in Indonesia.
In Kuala Lumpur, Telekom Malaysia Bhd gained 0.9 percent. It released after market close a second-quarter net profit of 124.38 million ringgit, versus 265.97 million ringgit a year ago. (Additional reporting by Martin Petty in Bangkok)