Singapore stocks lead Southeast Asia markets

Singapore shares climbed nearly 1% on Tuesday to their highest close in more than two years and Indonesia marked a record close as broader Asian markets inched up to decade highs, underpinning sentiment in Southeast Asia.

Financials lifted Singapore shares 0.9% higher, with the city-state's top lender DBS Group Holdings jumping 3.1% to hit its highest close in more than 17 years.

"DBS reported their results yesterday and markets are positive because they cleaned up their loan book of non-performing loans for oil and gas," said Joel NG, an analyst from Singapore-based KGI Securities.

"Markets are basically seeing this as positive that the worst is over for their oil and gas non-performing loans." 

MSCI's broadest index of Asia-Pacific shares outside Japan rose as much as 0.8%, hitting its highest since November 2007.

Indonesian index marked a record closing high, having risen 0.2%, owing its gains to the consumer staples sector, with cigarette maker PT Gudang Garam Tbk inching 4% higher.

Vietnam shares ticked up 0.2% to a near 10-year closing peak, with industrial parts supplier Saigon Machinery Spare Parts Joint Stock Co and real estate developer Quoc Cuong Gia Lai Joint Stock Co both climbing 7%.

Meanwhile, Philippines shares reversed losses earlier in the session to end flat as real estate giant Ayala Land rose 1.3% after reporting an 18% increase in its nine-month net income, while Metropolitan Bank surged 3.2%.

The Philippines' inflation accelerated in October, data showed earlier in the day, although the central bank said it expected consumer price increases to remain "manageable".