Thai shares closed higher for a ninth straight session, while Philippine stocks ended flat on Monday, retreating from an over 10-month high hit earlier in the session, as investors booked profits ahead of US-China trade talks and Federal Reserve meeting later this week.
The Stock Exchange of Thailand index ended 1.41 points or 0.09% higher to 1,625.03, in turnover of 48 billion baht. It closed higher for a ninth straight session.
Philippine shares have outperformed regional peers so far this year, gaining about 7.9%, helped by cooling inflation, a dovish Fed and hopes of an ease in the country's central bank monetary policy.
Investors now await resolution of US-China trade negotiations as attention shifts to Chinese Vice Premier Liu He's visit to the United States on Wednesday and Thursday for the next round of talks.
"An open and constructive dialogue is expected, given low-hanging fruits on trade deficit reduction. But a comprehensive deal will elude," said Vishnu Varathan, head of Economics and Strategy at Mizuho Bank in Singapore, in a note.
Most investors are cautious and therefore "we are seeing profit-taking activity", said Rachelle Cruz, a research analyst at AP Securities in Manila.
The Fed is expected to leave interest rates unchanged after raising them for a fifth time in as many quarters in December.
Markets in Singapore, Indonesia and Malaysia fell as the region's biggest trade partner, China, echoed signs of a slowing global economy after data showed earnings at China's industrial firms shrank for a second straight month in December.
Indonesian shares fell 0.4%, hurt by losses in telecommunication services and financials. Unilever Indonesia and Bank Mandiri (Persero) were the biggest drag, falling over 2.5% each.
The country's index of 45 most liquid stocks fell about 0.7%.
Malaysian shares slipped 0.2%, as Genting Bhd lost 1%, while Malaysia Airports Holdings fell 1.8%.