The Philippine index gained 1.5 percent to 6,541.58, the highest since Aug. 5, with shares in Metropolitan Bank & Trust, the most actively traded, up 1 percent at P106 after strong quarterly results and a brokerage upgrade.
Citi upgraded its rating on the stock to 'buy' and raised the price target to P127, citing strong second-quarter earnings.
Malaysia's key index was up 0.5 percent at 1,794.26, the highest since July 30, with shares in CIMB Group, the third biggest firm by value, rising 1.4 percent ahead of its quarterly results due later in the month.
Thai SET index rose 1.2 percent to 1,449.75, led by a rally in shares in coal miner Banpu Pcl and strong gains in dividend-yielding stocks including banking shares.
Strategists at Maybank Kim Eng Securities expected the index to move in a range of 1,425-1,450, with the first-half dividend announcement of banks in the next 1-2 weeks supportive to shares in the sector.
Trading volume on the Thai exchange was relatively thin as investors waited to see further signs of growth, including the government’s 2 trillion baht ($64.05 billion) borrowing bill that will be debated in parliament on Aug 21-22.
"We estimate foreign investors will continue reducing weight in the Thai market ... Although political tensions are easing, investors should also be aware of the consideration of the 2 trillion baht infrastructure loan on Aug. 21-22," Maybank Kim Eng said.
Indonesian stocks rose 0.5 percent, with shares in PT Bank Panin Tbk surging due to stake takeover hopes, while Singapore edged up 0.4 percent, with top firm Singapore Telecommunications Ltd higher ahead of quarterly results due later in the week.
Vietnam rose 0.3 percent, reversing losses in the previous session, with support coming from the energy and food sectors as well as several banks.
source: www.abs-cbnnews.com
