Most Southeast Asian stock markets rose on Monday, with Indonesia setting another record high and Thailand rising to a 14-year high on optimism over the global recovery after better-than-expected US jobs data.
Indonesia, the region's second-best performer this year, closed up 1.7 percent, also hitting a record closing high of 3,217.15, while Thailand, the best performer in Southeast Asia with a 27.4 percent return this year, gained 0.2 percent.
The Philippines rose 0.3 percent to a 33-month closing high, Singapore gained 1.1 percent and hit its highest close in a month, while Vietnam closed 1.6 percent firmer at a four-week closing high. Malaysia bucked the trend, closing flat.
Analysts said the jobs data provided some relief for investors, boosting hopes the world's largest economy would avoid a double-dip recession. In Jakarta, shares surged as the country's chief economic minister said the Indonesian economy could grow 6 percent in the third quarter, while its statistics bureau revised down August core inflation.
Market heavyweight Astra International gained 4.8 percent and top lender Bank Mandiri rose 2.5 percent. However, the country's biggest telecommunications firm, Telekom Indonesia, which on Friday said its full-year revenue growth was expected to be between 10 percent and 11 percent, fell 0.6 percent.
In Bangkok, the index rose 1.6 percent to hit its highest since November 1996 during the session, but it erased some gains due to profit-taking after a recent strong rise. The mood remained positive after a court ruling last week that lifted the suspension of scores of plants on the country's biggest industrial estate after almost a year. Top energy firm PTT, Thailand's largest listed firm, which has $4.2 billion of projects on the industrial estate, rose 3.8 percent and PTT Chemical 7.5 percent.
In Singapore, a 0.9 percent rise in financial DBS group and a 0.6 percent gain in Oversea Chinese Banking Corp helped take the index to its highest in a month. Shares in Singapore-listed casino operator Genting Hong Kong hit an all-time high on a report that it was in talks with the Philippine government on a casino project.
Shares in Singapore Telecommunications, Southeast Asia's largest telecom firm, closed 0.3 percent lower after early gains as a British newspaper reported it was considering a bid for Cable & Wireless World-wide. In Manila, the market rose for the fifth straight session.
"There has been huge demand for shares from local investors due to low interest rates," said Jose Mari, a Manila-based analyst at Campos, Lanuza & Company Inc. Interest rates in Manila are at a record low. Conglomerate Aboitiz group gained 3.4 percent, while Aboitiz Power rose 4.3 percent. After the market close, Philippine power producer First Gen Corp, which added 2 percent, said it had agreed a $142 million loan with foreign and local banks to fund investments and capital spending and refinance debt.