Malaysian stocks hit a record closing high on Wednesday, helped by strong foreign inflows while Chinese trade data also boosted investor sentiment. Kuala Lumpur's Composite Index rose 0.4 percent to hit a record closing high of 1,696.20, led by a 2.4 percent gain in the country's largest mobile phone operator Maxis Bhd.
It enjoyed a net foreign inflow of $52.89 million on Wednesday, extending the year-to-date net offshore inflow to $3.5 billion. Foreign buying has been robust in Malaysian stocks this year on hopes that an upcoming general election could help lift political overhang, making the market more attractive to risk averse investors. The Philippines, the second best performer in the region, rose 1.2 percent to a one-week high, led by holding firms. HSBC in its second quarter strategy report maintained its 'underweight' rating on the Philippines, which is seen as one of the world's most expensive equity markets.
HSBC upgraded Singapore to 'overweight', raised Thailand to 'neutral', and reiterated its 'overweight' rating on Indonesia. Thailand stocks jumped 1.3 percent, recovering from a two-and-a-half month low, after losing 3.9 percent in the previous two sessions. Bucking the trend, Singapore edged down 0.1 percent, Indonesia fell 0.45 percent and Vietnam lost 2.7 percent.