March 18 (Reuters) - Thai shares rose to their highest in more than three months on Tuesday as investors built positions in selected large caps a day before the state of emergency in Bangkok is to be lifted, while Philippine large caps outperformed in a reporting season. The Thai SET index was up 0.2 percent at 1,379.59, its highest since Dec. 4, 2013. Shares of Total Access Communications and Bangkok Bank were among the top percentage gainers on the top 50 large caps. Thailand is to lift a state of emergency in the capital and surrounding provinces from Wednesday, two months after imposing it to curb anti-government protests, as the security situation has improved due to the dwindling number of demonstrators. Thai shares had risen over the last three sessions on expectations of positive political developments, including a court ruling on the February election case on Wednesday that could help unlock the domestic political crisis. Brokers see a limited upside in the near term. The SET's 14-day relative strength index (RSI) was slightly above 70, indicating the market was overbought. "Despite more positive factors, Thai valuations are not cheap at the moment, so SET Index upside may be limited," strategists at KGI Securities wrote in a report. The Philippine main index was up 1.04 percent, with Ayala Land and Philippine Long Distance among the most actively traded shares. Philippine firms are due to report their 2013 results by the middle of April. "There have been some profit-taking and so, the market sees a kind of a technical rebound today because earnings results so far have been relatively in line with expectations," said Joseph Roxas, president of broker Eagle Equities in Manila. Other markets were mixed, with profit-taking hitting Indonesia while Singapore and Malaysia were rangebound ahead of the U.S. Federal Reserve's policy meeting this week on monthly asset purchases. Vietnam edged up 0.08 percent, adding to the gain on Monday after the central bank cut a series of key interest rates. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0738 GMT Market Current Prev Close Pct Move TR SE Asia Index* 406.96 407.06 -0.02 Singapore 3083.44 3092.14 -0.28 Kuala Lumpur 1819.26 1815.16 +0.23 Bangkok 1379.59 1377.10 +0.18 Jakarta 4805.32 4876.19 -1.46 Manila 6466.55 6399.99 +1.04 Ho Chi Minh 600.86 600.36 +0.08 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.