Shares across Southeast Asia tumbled on Monday, as investors were unnerved by a spike in U.S. bond yields.
SINGAPORE: Most Southeast Asian stock markets rose on Monday, mirroring gains on Wall Street last week and as expectations of higher corporate earnings buoyed sentiment, with Thailand hitting a record high.
Asian shares ex-Japan crept toward all-time peaks, with brisk economic growth and benign inflation adding to the risk appetite, while U.S. stocks notched their best weekly gains in more than a year on Friday, as technology stocks helped
lift major indexes to records.
In Southeast Asia, with earnings season coming around, there is positive expectation for first-quarter earnings, said Joel Ng, an analyst at KGI Securities in Singapore.
Thai shares rose as much as 0.7 percent to hit a record high, and were on track for a fifth session of gains.
Financials and industrial stocks gained, with Kasikornbank PCL up 1.2 percent and Airports of Thailand PCL climbing 3.1 percent.
Singapore climbed to its highest in nearly 32 months, driven by financial and industrial stocks.
Real estate firm CapitaLand Ltd rose 1.9 percent, while Jardine Strategic Holdings Ltd gained 0.8 percent.
The Malaysian index rose to its highest since May 2015, as energy stocks such as Petronas Gas Bhd
climbed on firmer global oil prices.
Philippines extended gains into a fourth straight session, led by consumer cyclicals, with SM Investments Corp up 2.2 percent.
Vietnam, however, fell 0.1 percent, dragged down by consumer staples and energy stocks.
Index heavyweight Petrovietnam Gas Joint Stock Corp fell as much as 1.4 percent.
A widespread crackdown on fraud and mismanagement in the energy and banking sectors has gathered pace in the country, with 22 executives put on trial over losses at the state oil firm on Monday. - Reuters
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