Southeast Asian stocks at multi-week highs

Southeast Asian stock markets gained on Monday amid hopes that eurozone policy makers will come up with a plan to solve the region's debt woes, with resource shares rising with commodity prices and lower interest rates lifting Indonesian developers.
Markets in the region hit multi-week highs, along with regional currencies, as investors flush with cash after a sell-off in the previous quarter plucked up the nerve to return. "This 'risk-on' mood may be sustained for a while," said Yernyong Thepjumnong, Chief of Equities Fund Managers of Krung Thai Asset Management.
"At this point, investors are looking forward to positive developments that may come from key meetings about eurozone debt from now to early November," he said. Malaysian shares climbed 1.6 percent to the highest in more than five weeks. Stocks in Singapore, Thailand , Indonesia and the Philippines gained more than 1 percent to the highest in more than 3 weeks.
Bucking the trend, Vietnam's Ho Chi Minh Stock Exchange index fell 0.88 percent. Asian shares gained after Group of 20 officials said over the weekend they expected the European Union's October 23 summit to decisively address the eurozone's debt woes. MSCI's broadest index of Asia Pacific shares outside Japan was up 2 percent by 1004 GMT.
Palm oil shares gained as Malaysian palm oil futures rose to their highest in nearly three weeks. Malaysia's IOI Corporation Bhd rose 2.2 percent, hovering around two-month highs. Indonesian property stocks jumped following last week's surprise 25 basis point cut in the central bank's policy rate to a record low 6.5 percent to support growth, led by a 23 percent surge in PT Sentul City Tbk.
The Philippine central bank was seen keeping interest rates on hold at 4.5 percent on Thursday while the Bank of Thailand is expected to hold its policy rate at 3.5 percent on Wednesday. Cement maker Siam Cement Pcl gained 4.1 percent on expectations of strong cement demand for rebuilding after flooding. Industrial estate operator Nava Nakorn Pcl dropped 6.5 percent after it halted operations due to flooding.
Indonesia took in $18.7 million in foreign inflows while the Philippines reported $0.8 million in outflows, Thomson Reuters and stock exchange data showed. Foreign money has returned to the region this month following sell-offs in the July-September quarter. Indonesia had $218 million in inflows last week, followed by Thailand's $187 million and the Philippines' $36 million.