Shares across Southeast Asia tumbled on Monday, as investors were unnerved by a spike in U.S. bond yields.
SINGAPORE: Southeast Asian stock markets, except Singapore, rose on Thursday in line with broader Asian peers that were boosted by rising energy stocks, while Malaysia was shut following results of the general elections.
Asia shares ex-Japan gained 0.6 percent, boosted by energy stocks that gained from rallying crude oil prices as traders adjusted to the prospects of renewed U.S. sanctions against Iran.
In Southeast Asia, Philippine stocks rose as much as nearly 1 percent, led by gains in banks.
BDO Unibank Inc climbed as much as 2.3 percent, while Security Bank Corp gained 4.2 percent.
The country's economy grew 6.8 percent in the first quarter from a year earlier, matching expectations, driven by industry and services, the statistics agency said.
The GDP data came as no surprise, and did not affect the markets, said Fio De Jesus, an equity research analyst with RCBC Securities in Manila.
The Malaysia government declared special public holidays after an opposition alliance won the general elections in a shock victory, and the country's national stock exchange, Bursa Malaysia, said trading would be suspended on Thursday and Friday.
However, Bank Negara Malaysia, the country's central bank, said it will hold its scheduled policy meeting as planned later in the day.
Tun Dr Mahathir Mohamad's Pakatan Harapan (Alliance of Hope) won 113 of parliament's 222 seats, in a stunning defeat of the coalition that has ruled the Southeast Asian country since independence from Britain six decades ago.
Indonesian markets were closed for a local holiday, after shares ended the previous session over 2 percent higher. Indonesia's central bank said on Wednesday it was intervening in the markets to support the rupiah and was preparing to adjust its benchmark interest rate.
Data earlier this week showed the Indonesian economy grew at a weaker-than-expected pace of 5.06 percent in the first quarter, adding another headwind to markets already worried about outflows from the high-yielding rupiah bond markets.
Thailand snapped five sessions of losses to edge up 0.2 percent, while Singapore shed 0.1 percent, with beverages distributor Thai Beverage PCL down as much as 2.4 percent. - Reuters
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