Most Southeast Asian shares rose on Monday as a cold spell in parts of the northern hemisphere pushed oil prices higher, with Vietnam posting its strongest one-day jump in about four years. The bounce in oil prices lured investors back into the battered regional markets.
Vietnam's VN Index closed 3.9 percent higher, the biggest single-day jump since March 2012, helped by a rise in oil prices earlier in the day and positive sentiment about the ongoing Communist Party congress, analysts said.
Energy stocks soared after crude oil futures extended gains on Monday on short-covering and fuel demand triggered by freezing weather in parts of the northern hemisphere. PetroVietnam Gas jumped 6.9 percent.
The major factor that helped the market was a surge in oil prices, while expected stimulus from China, Europe, and Japan also helped boost sentiment, said Teerada Charnyingyong, an analyst at Phillip Capital in Bangkok.
The Federal Reserve and Bank of Japan will hold policy meetings this week, with the Fed meeting being scheduled for January 26-27 and BOJ gathering on January 28-29.
Investors will look for hints on when the Fed intends to make a second interest rate hike, while there is speculation that the BOJ might opt for additional easing measures.
Philippines jumped 3.6 percent, while the Jakarta Composite Index closed up 1.1 percent,
The Thai share index, which earlier gained as much as 1.2 percent to its highest since January 4, retreated and ended nearly flat as falls in telecommunications and banking shares were offset by gains in energy stocks.
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