Most southeast Asian shares ended higher on Monday, with the Philippine index hitting a fresh closing high and Thai shares scaling a near 24-year peak. Philippine shares ended up 1.4 percent, in their fifth straight session of gains, bolstered by financial and industrial stocks. Property developer Ayala Land and SM Investment led gains, closing up 4.7 percent and 4 percent, respectively.
"Shares continued their upward trajectory as this week sees the end of the ghost month and the meeting of several central banks, including our own," said Luis Gerardo Limlingan, managing director at Regina Capital Development Corp. Analysts say the ghost month, during which Chinese investors cut back on market activity, sometimes stalls momentum in markets. The seventh month in the Chinese lunar calendar is considered inauspicious and numerous activities may grind to a halt as families avoid moving house, couples postpone wedding plans and tourists shy away from beach resorts.
"Both S&P 500 and Dow finished at records, which also propelled the Philippines to new heights," Limlingan said. Thai shares closed up 0.6 percent, at their highest since January 1994, supported by energy and industrial stocks. Thailand's central bank said on Monday it had taken action against what it called "periodic speculation" in the baht currency, which hovered at more than 28-month highs against the US dollar.
The central bank has resolved problems with a number of financial institutions which had irregular transactions, Bank of Thailand Governor Veerathai Santiprabhob told reporters. Oil and gas refiner PTT Pcl gained as much as 2.4 percent to its highest in seven months and Airports of Thailand rose as much as 2.6 percent to close at a record.
Most other regional markets rose on relief that the weekend passed with no new provocation by North Korea, though Pyongyang's nuclear ambitions will be centrestage when US President Donald Trump addresses world leaders at the United Nations on Tuesday. The Singapore index closed up 1 percent, with financials accounting for more than half its gains. Data showing that non-oil exports rose more expected in August from a year earlier provided a further boost. Indonesian shares recovered from early losses to end 0.2 percent higher as financial and energy shares gained.