BANGKOK, Nov 23 (Reuters) - Thailand's benchmark stock index was down 1.1 percent at 687.69 at 0820 GMT on Monday, erasing losses after falling to a two-week low of 683.55 in early trade.

Thailand's economy grew by a weaker-than-expected, seasonally adjusted 1.3 percent in the third quarter, slowing slightly from the second quarter but confirming the recovery from a brief recession early this year.

The state planning agency said it expected the economy to shrink 3.0 percent in 2009 and projected 2010 economic growth of between 3.0 and 4.0 percent. and

Brokers said the GDP forecasts for this year and next were in line with expectations, but worries about domestic politics and a court case involving environmental health problems at the country's top industrial estate would keep investors cautious.

"The lack of a buying catalyst remains the major problem, amid the uncertainty over Map Ta Phut industrial estate and the "red-shirt" rally planned for later this week," KGI Securities said in a research note to clients.

Stocks on the move included:

BANPU HITS HIGHEST IN MORE THAN A YEAR

Thailand's top coal miner rose 1.63 percent to 500 baht, its highest since July 2008, after Globlex Securities said in a research note that it recommended the stock as a "buy", with a target price of 520 baht, citing rising coal prices and upbeat net profit expectations.

0840 GMT

SHRIMP EXPORTERS UP

Shares in small-cap Asian Seafoods jumped 9.4 percent to 3.26 baht and Seafresh Industry rose 2.5 percent to 4.10 baht after newspapers reported the United States was considering cutting anti-dumping duties on shrimps from Thailand.

"Because there are no fresh factors boosting big caps, investors are snapping up small-cap stocks ... such as Asian and Seafresh, which are being pushed up by speculation about the anti-dumping duties," said Chakkrit Charoenmetachai, an analyst with Far East Securities.

0453 GMT

SIAM COMMERCIAL BANK DOWN

The number three lender fell 2.8 percent to a two-week low of 79.50 baht, underperforming a 1.5 perent drop in the banking subindex, as investors took profit after the stock rose to a four-month high last Wednesday, brokers said.

0419 GMT

THORESEN THAI, PRECIOUS SHIPPING DOWN

Falls in the Baltic Dry Index, which measures the cost of shipping key commodities, depressed shipping shares, led by a 4.4 percent drop in Thoresen Thai Agencies, Thailand's largest dry bulk carrier, to a near-three-week low of 27.

Precious Shipping eased 1.6 percent to a two-week low of 18.60 baht, and Regional Container Lines fell 1.85 percent to 10.60 baht.

The Baltic index, which tracks rates to ship commodities, ended a three-week rally on Friday, falling over 3 percent.

0337 GMT