Most Southeast Asian stock markets ended higher on Tuesday as investors pinned their hopes on US President Donald Trump's stimulus plans after the healthcare policy setback. While Trump's failure late last week to garner enough support for a plan to repeal the Affordable Care Act, stoked concerns about his ability to enact stimulus policies, these began to recede overnight as investors looked with renewed, albeit tentative, optimism to the US government's next policy steps.
The president's policy moves will be in focus at least until the next Federal Reserve meeting, said Teerada Charnyingyong, an analyst with Phillip Securities Thailand.
Philippine shares ended 1.2 percent higher in their biggest single-day percentage rise since March 13, helped by gains in industrial and financial stocks. SM Investments Corp gained 3.26 percent, while Ayala Corp rose 1.9 percent.
Investors are looking at the more attractive emerging markets such as the Philippines, said Rachelle Cruz, a research analyst with AP Securities, adding that: "Last year we saw foreign investors shifting towards the United States when Trump won elections but we are calling it a reality check."
Singapore shares gained 1 percent, supported by financials and industrials with in-flight food caterer SATS Ltd and Singapore Technologies Engineering Ltd rising 2.3 percent and 1.9 percent, respectively.
Malaysian shares ended 0.54 percent higher, helped by gains in consumer discretionary and telecom stocks. Genting Bhd rose 2.6 percent, while Axiata Group Bhd added 1.4 percent.
Telecoms and industrials led the Thai stock index rise 0.4 percent. Bucking the trend, Vietnam fell 0.6 percent, hurt by losses in consumer staples and financials. Indonesia was closed for a holiday.
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