Most Southeast Asian stock markets rose on Monday, in line with broader Asia, as investors cheered upbeat economic data from the United States and China, with Singapore closing at a near 11-month high after DBS Group posted a record quarterly profit.
The MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.38 percent as concerns about the global economy eased after data showed that profits at China's industrial firms grew in March after four months of contraction.
"China's strong industrial profits in March matched with strong credit growth, and we think this should last for the rest of 2019," Iris Pang, Greater China economist at ING Wholesale Banking said in a client note.
Risk sentiment was also supported by a strong US economic growth in the first quarter.
Singapore shares had their best day in nearly 4 months, rising 1.5 percent and leading gains in the region as financials surged in the wake of record profit at Southeast Asia's biggest lender DBS Group Holdings Ltd.
DBS Group on Monday reported its highest-ever quarterly profit, beating estimates and sending its shares 3.6 percent higher to a near 11-month peak.
The lender's peers Oversea-Chinese Banking Corp Ltd and United Overseas Bank Ltd firmed to almost 11-month peak and near 9-month high, respectively.
Investors will now eye a US Federal Reserve meeting and Chinese factory data due this week for further cues about the health of the global economy.
"US data has been on a roll this year since the Fed's dovish turn, and traders will be nervously watching for changes in its dovish outlook," said Jeffrey Halley, senior market analyst, OANDA.
Indonesian shares advanced 0.4 percent, with financials underpinning the gains in Southeast Asia's largest economy as well.
Bank Central Asia Tbk PT gained 1.2 percent and was the biggest boost to the benchmark, while Bank Mandiri (Persero) Tbk PT added 0.7 percent.
Philippine shares rose 0.4 percent, with Aboitiz Equity Ventures Inc gaining 3.3 percent to a near two-week high. Elsewhere, Thai shares and Malaysian stocks ended little changed. Vietnam markets were closed for a regional holiday.
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