Asian stock markets settled higher on Monday, with investors reportedly looking towards the economic policies of US President Donald Trump and hoping for tax reform.

Japan's benchmark index, Nikkei 225 rose 16.46 points or 0.09 percent to settle at 19,251.08. China's benchmark index, Shanghai Composite rose 37.89 points or 1.18 percent to close at 3,239.96.

Hong Kong's Hang Seng gained 112.34 points or 0.47 percent to end at 24,146.08. South Korea's KOSPI rose 3.81 points or 0.18 percent to end at 2,084.39.

On the other hand, Singapore's Straits Times fell 10.96 points or 0.35 percent to end at 3,096.69. Taiwan's TAIEX lost 26.72 points or 0.27 percent to end at 9,753.20.