Southeast Asia stocks higher on oil price gains

Southeast Asian stock markets, except Indonesia and Singapore, closed higher on Monday in line with Asian peers, and as energy stocks climbed on rising global crude oil prices.

Oil prices rose on reports that an Opec-led supply cut may not only be extended into next year but might also be deepened to tighten the market and prop up prices.

"For one, there's a cue from the rally on the Dow Jones," said Manny Cruz, an analyst with Manila-based Asiasec Equities Inc. "Apart from that, crude climbed to over $51 a barrel, which boosted trading on energy producers."

In Southeast Asia, Vietnam closed 1.4% higher, in its best session in more than nine years as financials and energy stocks led gains.

Joint Stock Commercial Bank for Investment and Development of Vietnam closed at its highest since July 2016, while Vietnam National Petroleum Group hit at a record high.

Philippine stocks closed 0.5% higher, led by real estate and industrial stocks. Property developer Ayala Land closed up 1.9%, while International Container Terminal Services ended at its highest since August 2015.

Indonesia fell from a record intraday high to close 0.7% lower, as consumer staples and financial stocks took a hit.

"Locals are profit-taking," said Harry Su, head of research at Jakarta-based Bahana Securities.

"I think they're still concerned about business performances in May, particularly as the political situation here is still weighing on the overall sentiment."

Jakarta's Christian governor Basuki "Ahok" Tjahaja Purnama was sentenced to two years in jail for blasphemy earlier this month, sparking a slew of protests across the city.

Unilever Indonesia Tbk PT closed at a more than one-week low, while Bank Mandiri (Persero) Tbk PT ended 2.9% lower.