Most Southeast Asia shares edged higher on Monday with a resolution to the Sino-US trade dispute still in doubt, while the Stock Exchange of Thailand index closed flat and Philippine shares extended their rally.
The SET index ended 1.48 points or 0.09% higher to 1,626.48, in turnover of almost 30 billion baht after the country's economy unexpectedly stalled in the third quarter, spurring questions about whether weakness in key growth drivers -- exports and tourism -- will make authorities delay hiking interest rates for the first time since 2011.
Philippine shares rose for a fourth consecutive session, surging 2.6% to a near-two-month closing high.
The Philippine central bank on Thursday raised its benchmark interest rate for the fifth straight time in a bid to tackle elevated inflation and bring it back to within its target range next year.
"Last week central bank hiking rates contributes to the magnitude of the rally today," said Charles William Ang, an associate analyst with COL Financial Group, Inc.
The central bank also forecast inflation would return to its 2-4% target range next year, suggesting its current tightening cycle may be at an end.
Index heavyweight SM Investments Corp climbed 4.3%, while the country's oldest vonglomerate, Ayala Corp , soared as much as 4.5% to hit a near-two-month closing high.
However, most other regional markets were hurt by Sino-US tensions which were clearly on display at an Apec meeting in Papua New Guinea over the weekend, where leaders failed to agree on a communique for the first time ever.
Malaysian stocks edged up 0.3%, with IHH Healthcare Bhd climbing 1.5% and CIMB Group Holdings Bhd rising 1.4%.
Vietnam stocks hit a one-week closing high, adding 2%, boosted by real estate and financial stocks.
Singapore shares fell 0.6%, with conglomerate Jardine Matheson Holdings Ltd plunging as much as 2.9%, while Oversea-Chinese Banking Corporation Ltd slipped 0.6%.
Indonesia's benchmark index edged 0.1% lower, after four straight sessions of gains, dragged down by losses in telecommunication and energy sectors.
Telekomunikasi Indonesia (Persero) Tbk slipped as much as 2.5%, while conglomerate Astra International Tbk PT shed 0.6%.
