Most Southeast Asian stock markets ended higher on Wednesday, with Malaysia gaining over 1 percent after the country's central bank governor resigned, while Vietnam extended its winning run to a fifth straight session. Malaysia's newly elected prime minister, Mahathir Mohamad, said on Wednesday he accepted the resignation of central bank governor Muhammad Ibrahim.
Ibrahim's departure is part of a government shake-up led by Mahathir who trounced scandal-tainted leader Najib Razak in the May 9 election. Malaysian shares rose 1.3 percent to their highest close in nearly two weeks, led by gains in bank stocks such as Public Bank and CIMB Group Holdings.
Vietnam shares reversed early losses, ending 1.2 percent higher. Real estate and financial stocks led the gains. Vingroup JSC rose as much as 2.7 percent, while Bank for Investment and Development of Vietnam gained 4.6 percent.
Thai shares closed 0.4 percent higher, posting its third consecutive session of gains. Energy stocks pushed the index higher, with oil and gas explorer PTT Exploration and Production gaining as much as 5.5 percent.
Elsewhere, Singapore snapped two sessions of gains, ending 0.4 percent lower. Heavyweights DBS Group Holdings and OCBC fell as much as 1.2 percent.
"There are concerns that the banks will take a hit this quarter following issues at Hyflux," said Liu Jinshu, director of research at NRA Capital, referring to Singapore's water treatment firm, which has sought to begin a reorganisation of its business. The company filed in May for a 30-day moratorium preventing creditors from taking actions that could hurt the company's finances.
Indonesian shares finished 0.3 percent lower, while Philippine shares remained largely unchanged.