I'd rather wait and see. This year, the market will make a distinction between companies - those that have been successful at restructuring and those in sectors going through reform. People will be looking at individual stories and at the quality of companies. Still, the overweight in Singapore, which many houses have, is probably the right thing. People should not write off Hong Kong because it has very good corporates, its companies have low debt relative to the region and they do not need restructuring.
Volatility is factored into the markets.
If there is to be political strife in Indonesia though, the market will be under pressure and the impact on Asia will be negative. There is a regional push to make sure that Indonesia survives. As for Malaysia, it has done well for itself. When they imposed capital controls, it was considered the worst thing possible. But since then they have put together a plan welcomed by investors to reliquefy the banking sector.