Southeast Asia stocks higher on BoJ stimulus

Southeast Asian stock markets closed higher on Wednesday on a larger-than-expected economic stimulus package from Japan, and ahead of the outcome of the US Federal Reserve policy meeting later in the day.

Japanese Prime Minister Shinzo Abe unveiled a stimulus package of more than 28 trillion yen ($265 billion), exceeding initial estimates of around 20 trillion yen.

"The hope of stimulus from Japan had diminished a couple of weeks back, but recent reports on the likelihood of one have got the markets upbeat again," said Manny Cruz, an analyst with Manila-based Asiasec Equities.

The Fed is expected to leave interest rates unchanged when it concludes its meeting on Wednesday as policymakers hold out for more evidence of a pickup in inflation.

Vietnam shares closed 1.2% higher, driven by energy and financials, on encouraging July industrial production data and as the country expects to post a trade surplus in July against a deficit in June.

Petrovietnam Gas Joint Stock Corp and PetroVietnam Drilling & Well Service Corp gained 2.5% and 1.6% respectively.

Indonesia finished almost 1% up, its highest close in more than 14 months. Financials and utilities led the gains, with Bank Central Asia Tbk PT up 1.9% while Perusahaan Gas Negara Tbk PT added 5.1%.

Indonesian President Joko Widodoon Wednesday appointed World Bank managing director Sri Mulyani Indrawati as the country's new finance minister, as part a wider cabinet reshuffle aimed at increasing the effectiveness of his team.

Philippine shares closed almost 1% higher, led by consumer cyclicals and consumer staples.

Restaurant chain Jollibee Foods and food and beverage firm JG Summit Holdings were the biggest gainers on the index.