Aiding sentiment was data showing the U.S. economy grew at a 1.1 percent annualised rate in the first quarter, rather than the 0.8 percent pace reported last month.

The impact of Brexit on the markets will be temporary, with the broader southeast Asian markets taking cues from global markets following the solid U.S. economic data, said analyst Arief Budiman of Ciptadana in Jakarta.

MSCI's broadest index of Asia-Pacific shares outside Japan  .MIAPJ0000PUS rose 1 percent to recoup around a third of Friday's loss.

Any bounce was welcome, given global equity markets shed $3 trillion in value in the two days following Britain's shock vote, according to S&P Dow Jones Indices.

Indonesian shares  .JKSE extended gains for a third straight session, climbing 1.5 percent to a nearly one-year high. The rally was aided by passage of the tax amnesty bill that is expected to create inflow of repatriated funds.

"We are not waiting for Godot ... (The impact of the bill could include) lower bond yield, which means potential higher market valuation and lower funding cost," said analyst Isnaputra Iskandar of Maybank Kim Eng Securities in a note.

Indonesia's central bank governor expects the bill will help boost the country's economic growth rate to around 5.2-5.3 percent this year, from 4.8 percent last year.

Singapore index  .STI extended gains and rose more than 1 percent with financial stocks such as DBS Group Holdings Ltd  DBSM.SI leading the rally.

Philippine stocks  .PSI recovered from Tuesday's fall and were up nearly 1 percent after the Department of Finance said the government had a budget surplus of 55 billion pesos ($1.17 billion) in April, exceeding the surplus posted in the same month last year by about 5 percent.

SOUTHEAST ASIAN STOCK MARKETS

Change 0448 GMT

Current   

previous close 

Pct Move

 Singapore                

2786.19   

2756.53         

1.08

 Bangkok                  

1446.95   

1437.42         

0.66

 Manila                   

7729.62  

7666.69         

0.82

 Jakarta                  

4950.402 

4882.171        

1.40

 Kuala Lumpur             

1640.85   

1634.04         

0.42

 Ho Chi Minh              

628.9     

622.2           

1.08

Change so far this year

Current   

End prev yr     

Pct Move

 Singapore                

2786.19   

2882.73         

-3.35

 Bangkok                  

1446.95   

1288.02         

12.34

 Manila                   

7729.62   

6952.08         

11.18

 Jakarta                  

4950.402 

4593.008        

7.78

 Kuala Lumpur             

1640.85   

1692.51         

-3.05

 Ho Chi Minh              

628.9     

579.03          

8.61

($1 = 46.9750 Philippine pesos)