Most Southeast Asian stock markets closed higher on Monday, with Indonesia leading the pack boosted by gains in financial and telecom sector counters, as progress in US-China trade talks raised optimism among investors. The world's largest economies are to resume trade talks in Washington this week with US President Donald Trump hinting at an extension to the March 1 deadline for a deal to prevent further tariffs on Chinese goods.
The Indonesian index led the gains in the region and ended up 1.7 percent, driven by financials and telecom stocks. Bank Central Asia and Telekomunikasi Indonesia firmed 2.2 percent and 3.6 percent, respectively.
Singapore's benchmark rose 0.8 percent to an over four-month closing high, bolstered by gains in the country's second biggest listed company DBS Group Holdings.
Shares of the biggest lender in Southeast Asia rose 1.7 percent after the it reported a record annual profit and an 8 percent rise in quarterly profit.
Other financial stocks also gained, with Oversea-Chinese Banking Corp and United Overseas Bank rising 1.7 percent and 0.7 percent, respectively.
Investors also awaited supportive measures for the economy from the budget speech.
"The government's budget...will likely need to incorporate some offsetting measures to stimulate the domestic economy in the face of mounting external weakness," a note from ING said.
Finance Minister Heng Swee Keat in an annual budget speech announced an introduction of S$1.1 billion ($811.15 million) bicentennial bonus for Singaporeans.
Real estate and utility stocks pushed the Vietnam benchmark index more than 1 percent higher, with Petrovietnam Gas JSC rising 3.4 percent and Vingroup JSC advancing 1.5 percent.
Philippine stocks rose 0.8 percent boosted by industrial stocks with JG Summit Holdings Inc strengthening 7.8 percent, while San Miguel Corp gained 7.1 percent. The Thai index, however, ended about 0.1 percent down, dragged by industrials and healthcare stocks.
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