Southeast Asian markets ended higher on Wednesday, with the Stock Exchange of Thailand gaining 0.60%, as a bullish outlook from the US Federal Reserve chairman lifted sentiment in the region.
Fed chairman Jerome Powell expressed an optimistic view about the US economy while softening the impact of global trade risks on the outlook for rate rises.
"Today's market trend is largely being driven by Powell's confirmation of gradually raising interest rates," said Taye Shim, head of research at Jakarta-based Mirae Asset Sekuritas.
"This is exactly what the market was looking for."
The SET index climbed 9.78 points or 0.60% to close at 1,635.85, in turnover of 46 billion baht. PTT Plc shares gained 3.66% to 49.50 baht and Krungthai Card Plc jumped 8.62% to 31.50 baht.
Philippine shares climbed nearly 1% to their highest close in more than one month.
Real estate company Ayala Land was up 2.9%, while Ayala Corp gained 2.7%.
Singapore stocks gained marginally, boosted by the real estate sector. CapitaLand Ltd rose 1.3%.
Malaysia shares climbed for an eighth straight session, up 0.9%, to their highest close in over a month. CIMB Group Holdings was up 3.2%, while telecom company Axiata Group Bhd rose 4%.
Malaysia's annual inflation rate slowed to its lowest in more than three years in June, after the government abolished a goods and services tax.
The Vietnamese index jumped 2.3% to mark an over two-week closing high. Petrovietnam Gas Joint Stock Corp ended 5.1% higher.
Indonesian shares gained 0.5%, with Bank Central Asia up 2.1% and Telekom Indonesia climbing 1.8%.
The central bank in Southeast Asia's largest economy is expected to take a pause in its monetary tightening cycle on Thursday, a Reuters poll showed.
"Indonesian market is vulnerable to external factors and solution is out of their control, meaning they can only use domestic measures to stabilise the economy. They're using interest rates to minimise the external impact," Shim said