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 climbed on Tuesday, with Singapore and Indonesia extending their rally, as U.S. stocks gained overnight on hopes of strong corporate earnings, boosting positive sentiment across Asia.
Asian shares outside Japan climbed for a third straight session, as bank shares boosted Wall Street on Monday, although trade tensions between the United States and China continued to linger.
"Trade war risks were somewhat side-lined as U.S. equities finished higher led by financials and industrial stocks on higher earnings expectations", Mizuho Bank said in a note.
Wall Street's big banks, JPMorgan Chase & Co, Wells Fargo & Co and Citigroup Inc, are scheduled to report results on Friday.
Singapore shares rose as much as 1.3 percent, boosted by gains in financials such as DBS Group Holdings, which jumped 3 percent, and Oversea-Chinese Banking Corp, which gained over 2 percent.
Philippine stocks edged 0.2 percent higher and were set to snap three sessions of losses, as telecom company PLDT Inc gained 1.9 percent as its New York-listed depositary receipts rose nearly 1 percent overnight.
The country's trade deficit widened in May to a five-month high as exports fell while imports continued to grow at a slower annual pace, official data showed.
Malaysian stocks rose 0.5 percent, with Telekom Malaysia Bhd
up as much as 3 percent, while maritime solutions provider MISC Bhd gained 2.7 percent.
The Indonesian index rose as much as 1.4 percent, building on the previous session's 2 percent gain. Astra International climbed 2.8 percent, and Indiah Kiat Pulp & Paper rose 6 percent.
Meanwhile, Thai shares shed 0.2 percent, with industrials among top percentage losers. Airports of Thailand fell as much as 2.6 percent. - Reuters
Limited time offer:
Just RM5 per month.
