SINGAPORE: Southeast Asian stock markets rose on Monday as global shares extended gains, recovering from a recent selloff sparked by fears of creeping inflation, with Indonesia recording its best close ever helped by financials and materials.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 percent.
"Equity investors continue to rebuke the wall of worry stemming from an increase in US inflation and higher yields," said Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore.
Indonesia gained 1.5 percent to record its best close ever, boosted by financials and materials.
Bank Central Asia Tbk PT and Indah Kiat Pulp & Paper Tbk PT added 3.4 percent and 8.9 percent, respectively.
An index of the country's most liquid stocks rose 1.7 percent.
Singapore shares rose 1.3 percent to their best close in two weeks, with financials and real estates leading the gains.
Oversea-Chinese Banking Corporation Ltd rose 1.3 percent while Hongkong Land Holdings Ltd gained nearly 2 percent.
Philippine shares gained more than 1 percent to an over two-week closing high, with financials and real estate stocks outperforming.
BDO Unibank Inc, up 3.8 percent at a three-week closing high, was the top gainer on the main index, .
Malaysian shares gained for a fifth straight sessions, rising 1 percent to over a two-week closing high, as financials and utilities pushed the index higher.
CIMB Group Holdings Bhd jumped 1.1 percent to a near-two week closing high, while Petronas Gas Bhd finished at its highest since Jan 15, up over 6 percent.
Thailand edged up 0.2 percent, led by consumer staples.
Thailand's economy posted its strongest growth in five years last year, with solid exports and tourism giving the government confidence to maintain the country's growth outlook for 2018.
Vietnam was closed for a holiday.
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