Thai Hot Stocks - index up 1.7 pct on energy, bank shrs

BANGKOK, July 9 (Reuters) - Thailand's benchmark stock index .SETI was up 12.29 points, or 1.7 percent, at 734.79 points, at 0358 GMT on Wednesday as investors snapped up cheap energy and banking shares.

An overnight rise on Wall Street boosted sentiment despite worries about Thailand's political situation after two major court rulings against the government. [ID:nSP302628] for details

"We expect positive market reaction in the short-term amid cheap valuations in the market," broker KGI Securities said in a research note.

Stocks on the move:

ENERGY, BANK SHARES RECOUP RECENT LOSSES

Big cap energy shares rose more than three percent, led by a 3.6 percent rise to 292 baht in PTT PTT.BK, Thailand's biggest energy firm. PTT Aromatics PTTAR.BK climbed 3.8 percent to 21.7 baht, while Thai Oil TOP.BK was 3.9 percent higher at 54 baht.

Kasikornbank KBAN.BK, the fourth biggest bank, rose 3.0 percent at 68.5 baht. Number one Bangkok Bank BBL.BK rose 1.8 percent to 115 baht, while Bank of Ayudhya BAY.BK added 2.5 percent to 20.6 baht.

BUILDERS UP ON COMPENSATION PLAN

Italian Thai ITD.BK, Thailand's biggest construction firm, rose 1.35 percent to 4.52 baht after the government approved nearly $77 million in extra spending on Tuesday to help cover rising construction costs on state projects.