Southeast Asian stocks surge

All Southeast Asian stock markets gained on Wednesday for a third straight day as hopes for new monetary stimulus by major central banks and the US Federal Reserve helped boost investor appetite for risky assets. "Everybody is hopeful of major central banks will be looking for co-ordinated effort," to avert faltering global growth amid the lingering eurozone debt crisis," said Song Seng Wun, an economist at CIMB, based in Singapore.
Malaysia gained 0.6 percent in heavy trading volume to 1,604.39 points, near its record high of 1,609.33 hit on April 3. There was a net foreign inflow of $12.07 million. Indonesia, the region's worst performing stock market this year, rose 1.6 percent to a four-week high even though there was net foreign selling of $7.7 million. The Philippines gained 1.3 percent to its highest since May 11 while Singapore added 0.5 percent to hit a five-week high. Thailand edged up 0.01 percent to its highest since May 17 and Vietnam added 0.4 percent.