Trader's Highlight

DJI-NEW YORK, June 29 (Reuters) - Wall Street closed its best three-day run in three months on Wednesday after the Greek parliament approved austerity measures to avoid defaulting on its debt.

Optimism about the plan's approval has helped the stock market recoup some of its losses of the last two months. The CBOE Volatility Index .VIX, Wall Street's "fear gauge," fell 9.9 percent to 17.27, its third straight decline.

The Dow Jones industrial average .DJI gained 72.73 points, or 0.60 percent, to 12,261.42. The Standard & Poor's 500 Index .SPX rose 10.74 points, or 0.83 percent, to 1,307.41. The Nasdaq Composite Index .IXIC added 11.18 points, or 0.41 percent, to 2,740.49.

NYMEX-NEW YORK, June 29 (Reuters) - U.S. crude futures ended higher on Wednesday as data showed a sharp weekly drawdown in crude stocks and as the dollar stayed weak after the Greek parliament passed an austerity plan.

Crude prices surged more than $2 after a U.S. Energy Information Administration report said crude stocks dived 4.4 million barrels last week, more than double the draw that analysts had forecast.

On the New York Mercantile Exchange, August crude CLQ1, rose $1.88, or 2.02 percent, to settle at $94.77 a barrel, trading from $92.66 to $95.84.

CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed mostly firm as traders adjusted positions ahead of key government crop reports due out on Thursday, traders said.

Soybeans drew support from a broad rally in commodities tied to global economic optimism following the approval of a Greek austerity plan.

But trade was choppy, with soy contracts dipping lower at times in technical action ahead of USDA's acreage and quarterly stocks reports on Thursday.

FCPO-KUALA LUMPUR, Jun 29 (Reuters) - Malaysian palm oil futures rose 1.5 percent on Wednesday as traders continued to adjust their positions and eye strong export data after the market fell to an eight-month low earlier this week.

The benchmark September crude palm oil contract KPoc3 on Bursa Malaysia Derivatives rose 46 ringgit to 3,109 ringgit ($1,020) per tonne. Overall traded volume was light at 14,821 lots of 25 tonnes each, below the usual 25,000 lots.

One trader said Malaysian exports in June could hit 1.4 million tonnes. Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will issue their estimates on Thursday.

The figure is lower than the market expectations of 1.5 million tonnes but represents a growth from May exports that ranged from 1.32 million to 1.35 million tonnes.

REGIONAL EQUITIES-BANGKOK, June 29 (Reuters) - Southeast Asian stock markets climbed on Wednesday as investors piled into financial stocks towards the end of the quarter and sentiment was buoyed by optimism that a Greek austerity plan would go ahead and a sovereign debt default would be averted.

Late buying boosted trading volume in the region to the 30-day average, pushing Singapore .FTSTI up 1 percent to the highest in almost three weeks and Malaysia .KLSE up 0.3 percent to five-month highs.

Thai shares .SETI surged 2 percent to two-week highs and Vietnam .VNI rose 0.5 percent. But Philippine shares .PSI fell 1 percent, led by a 3 percent drop in Philippine Long Distance Telephone TEL.PS amid foreign ownership concerns. Indonesia was shut for a market holiday and trading will resume on Thursday.

Indonesia and Malaysia, Southeast Asia's best performers so far in 2011, are close to their all-time highs set earlier in the year.

That performance has been helped by foreign inflows. A Kuala Lumpur trader said buying interest in laggard sectors such as construction, consumer goods and plantation stocks could push Malaysia up higher.