Thai stocks (THD) continue to make new 19-year highs as the SET rises 0.4% to 1,621. In other regional action, Malaysian (EWM) equities lagged (-0.5%) for the second day in a row as the post-election euphoria wears off and stocks in Singapore (EWS) jump 0.6% on agribusiness earnings optimism (Olam OLMIF.PK +2.6%, Wilmar WLMIY.PK +1.2%).
In a reversal of Tuesday's action, Philippine stocks (EPHE +0.7%) rise 0.5%, recouping half of Monday and Tuesday's losses while Malaysian equities (EWM +0.3%) finally cool off after surging ~5% following Sunday's election. Elsewhere in the region, Thai stocks (THD +1.8%) rally 0.8% to a fresh 19-1/2 year high, while regional agribusiness heavyweight Wilmar(WLMIY.PK +2.4%) posts a 23% Y/Y increase in earnings, fueling a 0.9% bump for stocks in Singapore (EWS +0.8%).
Malaysian Palm Oil update: futures rise 2.5% to $1,100/ton, the highest since before the financial crisis. The news will not be welcome in China, the world's largest consumer of cooking oil, which has ordered its local suppliers to not raise prices.