Most Southeast Asian stocks—Malaysia, Vietnam, and Singapore—markets were closed on Wednesday for the Lunar New Year, while Philippine shares jumped to more than 10-1/2 months high.
Philippine shares soared 1.7 per cent, as slower January inflation supported views that the central bank would keep interest rates steady for a second straight meeting on Thursday.
Industrials and financials pushed the benchmark stock index to its highest since March 19, with SM Investments Corp and SM Prime Holdings Inc strengthening 2.1 per cent and 2.6 per cent, respectively.
The Philippine market was closed on Tuesday for the Lunar New Year holiday, reports Reuters.
Among other Southeast Asian stock markets, Indonesia climbed 0.8 per cent, recouping from the previous session's sharp fall, ahead of the release of fourth-quarter GDP data later in the day.
Indonesia's economic growth rate likely slowed slightly in the final quarter of 2018, but the full-year pace was probably the best in five years, a Reuters poll showed.
The poll predicted an expansion of 5.11 per cent in October-December, fractionally less than the third quarter's 5.17 per cent annual rate.
Telecom and material stocks were the biggest boosts with Telekomunikasi Indonesia (Persero) Tbk Perusahaan Perseroan PT firming 1.6 percent and Unilever Indonesia Tbk PT strengthening 1.9 per cent.