Most Southeast Asian stocks climb over one percent

Most Southeast Asian stock markets climbed more than 1 percent on Monday as commodity-related stocks gained, while flood-hit Thai stocks hit seven-week highs due to optimism about a rise in consumer demand and government spending once the flooding ends.
Easing concern about political deadlock in Greece and Italy has improved the investment climate, spurring fund flows into the region even though the eurozone debt crisis is far from over. MSCI's broadest index of Asia Pacific shares outside Japan was up 1.3 percent by 1002 GMT. "The problem in the eurozone is too complicated. But one thing for sure is that the eurozone will do whatever they need to do to protect the zone," said Vikas Kawatra, managing director of institutional sales at Kim Eng Securities in Bangkok.
Buying interest was relatively thin, with turnover for most markets falling below the monthly average. Foreign-led buying sent shares in Thailand, Indonesia and the Philippines more than 1 percent higher while Malaysia ended up 0.7 percent. Vietnam's Ho Chi Minh Stock Exchange dropped 1.15 percent, extending its losses into a sixth session, weighed down by selling in blue chips by institutions.
Singapore's Straits Times Index climbed 1.4 percent, led by a 3 percent rise in Golden Agri-Resources Ltd after the palm oil firm reported higher third-quarter earnings. Most palm oil shares rallied as Malaysian palm oil futures climbed to a near-five-month high. Singapore-listed Noble Group, Malaysia's IOI Corporation Bhd and Indonesia's PT Astra Agro Lestari Tbk each gained more than 2 percent.
In Bangkok, top cement maker Siam Cement Pcl rose almost 1 percent, adding to last week's 3.2 percent climb, on hopes for strong cement demand for rebuilding after flooding. Expectations of strong demand for consumer products and other necessities boosted consumer stocks, too, led by a 4.1 percent gain in Loxley Pcl. Among the bright spots, Malaysia's Malayan Banking Bhd rose as much as 1.3 percent as it reported a 25 percent increase in first-quarter net profit, riding on the region's economic growth. Indonesia reported $31 million in inflows, Malaysia had 64 million ringgit ($20.4 million), the Philippines $11.6 million and Thailand $51.3 million, Thomson Reuters and stock exchange data showed.