Most Southeast Asian stock markets ended higher on Monday, with Philippines and Indonesia posting record finishes and Malaysia hitting its highest close in more than three years. The Philippine index marked an all-time closing peak for a third straight session, buoyed by gains in telecom stocks.
Telecommunication service provider PLDT Inc ended 6.5 percent higher and index heavy weight SM Prime Holdings Inc gained 1.3 percent. The Jakarta index erased earlier losses as energy stocks were boosted by Bangladesh's agreement with Indonesia on Sunday to open talks on imports of liquefied natural gas as Dhaka looks to fill a shortfall in domestic natural gas.
Malaysian stocks rose 0.9 percent to hit their strongest finish since September 2014, with Public Bank Bhd at a record close and Malayan Banking Bhd hitting a more than four-year closing high. Financials underpinned the Singapore index, with DBS Group Holdings and United Overseas Bank closing marginally higher.
Thai shares gained 0.5 percent, led by energy stocks, with heavyweight PTT Pcl hitting a record close. The finance ministry of Southeast Asia's second-largest economy raised its economic growth forecast for this year to 4.2 percent from 3.8 percent, and also raised its estimate for exports. Vietnamese shares slipped 0.5 percent, snapping five sessions of gains. Food processor Vietnam Dairy Products shed 2.5 percent, while Saigon Beer Alcohol Beverage Corp fell to a five-month closing low.