Southeast Asian stocks markets mostly surge

Most Southeast Asian shares rose on Wednesday, while sentiment got a boost after the World Bank raised its growth forecasts for developing East Asia and the Pacific region.

The World Bank raised its economic growth forecasts for developing East Asia and Pacific for this year and 2018, reports Reuters.

Philippine shares rose 0.7 per cent to a fresh record high with financial stocks leading the gains.

Blue chip BDO Unibank Inc rose 1.9 per cent to an all-time high while telecom service provider PLDT Inc gained 2.4 per cent.

Meanwhile, the Indonesia's benchmark index rose 0.34 per cent, extending gains from the previous session to hit a record high in early trade helped by gains in energy and financial stocks.

Bank Rakyat Indonesia gained 0.8 per cent while shares of mining contractor United Tractors rose as much as 3.8 per cent to hit an all-time high and were on track for their fifth straight session of gains.

Thai shares were trading firm near a 24-year high, with PTT Pcl rising to its highest in over eight months and Kasikorn bank Pcl gaining 0.5 per cent. The Thai index is headed for its seventh session of gains in eight.

The Malaysian stock market was marginally up, buoyed by telecom and consumer discretionary stocks.

Genting Bhd added 0.2 per cent, while Axiata Group Bhd rose to its highest in four months and was on track for a ninth straight session of gains.

Meanwhile, Singapore shares were down 0.2 per cent, weighed by financial and industrial stocks.