Most Southeast Asian stocks ended firmer on Tuesday on hopes that China might launch spending measures to boost growth, but trading volumes and gains were capped as concerns over a euro zone recovery flared after a surge in Spanish borrowing.
Investors were still cautious, waiting for clues from the euro zone, which is struggling to overcome its debt crisis, though an opinion poll pointed to the possibility of the formation of a Greek government committed to keeping the country in the euro zone in a June 17 election.
Stocks in the Philippines rose 1.4 percent to hit a two-week high after Moody's Investor Service revised the country's rating outlook to positive from stable. Energy shares lifted Thailand's benchmark by 1.2 percent in heavy trading, extending gains for the fourth session, while Singapore shares closed 0.5 percent firmer. Malaysian shares ended up 0.7 percent and the Indonesian benchmark closed steady though the two countries saw net foreign selling of $2.13 million and $44.18 million respectively. Shares in Vietnam bucked the trend, falling 0.9 percent on concerns over weak earnings and a sluggish economy.