Some Southeast Asian markets rise

Some Southeast Asian stock markets posted gains on Wednesday, led by big caps and commodities-related stocks, but buying interest generally weakened as investors waited to see how the debt crisis in Europe would develop. Risk appetite has been improving in line with progress on the debt problems, leading to a revival in foreign flows to emerging Asia.
Asian shares in general rose after Italian Prime Minister Silvio Berlusconi said he would resign, raising hopes the debt-ridden country would proceed with reforms that may help keep the eurozone's sovereign debt crisis from spreading. Jakarta's Composite Index climbed 1.4 percent to 3,857.36, rising to the highest in almost two weeks, but turnover fell 20 percent short of its monthly average.
Malaysia and the Philippines rose 0.6 percent and 0.7 percent respectively but stocks in Singapore, Thailand and Vietnam erased early gains, falling 0.3 percent, 1.6 percent and 0.8 percent. Short-term traders booked profits in Thailand as the poor near-term outlook for banks after flooding prompted selling in the sector. The Thai bank subindex dropped 2.5 percent.
The MSCI's index for Asia excluding Japan was 0.4 percent higher. In Jakarta, PT Astra International Tbk , Indonesia's main vehicle distributor and biggest listed company, gained 3.4 percent and top lender Bank Mandiri rose 2 percent. Plantation firm PT Astra Agro Lestari Tbk rose 3.3 percent while Singapore-listed palm oil firm Golden Agri-Resources rose 0.8 percent due to high palm oil prices.
Elsewhere, Philippine Metro Pacific Investment Corp jumped 3.4 percent as the conglomerate reported a 33 percent increase in nine-month earnings. Foreign investors bought shares in Malaysia, Indonesia and the Philippines for $70 million, $95 million and $6.6 million, respectively, Thomson Reuters and stock exchange data showed.