While AI-fuelled equity gains in North Asia have hogged the spotlight this year, select ASEAN markets have quietly staged a breakout of their own. Moving forward, it will ?likely be local drivers — not broad macro tailwinds — that separate the leaders from the laggards. Several equity markets in the Association of ?Southeast Asian Nations (ASEAN) have had a banner year thus far. Thailand's SET Index and Singapore's Straits ?Times ?Index have both surged 26% and 22% respectively in the year to September 18.But other ASEAN markets have lagged considerably. The Philippines' PSEi and Malaysia's KLCI have posted near-flat returns,…