Johan Tazrin Ngo, managing director and CIO of the Kuala Lumpur-based Amara Investment Management, spoke with Bloomberg yesterday about Malaysian equities and his outlook on Asian stocks in general.  Malaysian stocks rose 51% in 2009, but actually lagged the MSCI ex-Japan Index, which soared 73%, which suggests it could make a good “laggard” play going forward.  That said, Ngo reiterated that Malaysia’s performance above all is correlated with Asia in general, where further gains, he said, will be tied to continuation of the global synchronized recovery and positive earnings announcements going forward (Asia is still 30% below its October 2007 peaks).  That said, being a low beta (.38) market Malaysia “will continue to underperform” in 2010.  Asia’s continued ride up will not be all together smooth, Ngo pointed out, a la 2009, given the unwinding of stimulating, reflationary measures that will cause a mid-year correction.  Templeton’s Mark Mobius, one for one, predicts a more imminent 20% correction for emerging indices–including Asia–, on the basis of IPO-related oversupply.