(July 12): Most Southeast Asian stock markets edged higher on Thursday, with the Philippines touching a near one-month high and Indonesia extending gains for a fourth session, as broader Asian peers recovered slightly from the previous session's steep losses.
Asian shares outside Japan rose 0.3%, erasing early losses, as negative sentiment over mounting U.S.-China trade tensions eased.
"The U.S. China trade conflict has been gaining heavy headlines for some time now. So basically I think most of the investment negatives have been baked into the cake," Taye Shim, head of research at Jakarta-based Mirae Asset Sekuritas.
Philippine shares extended gains to a third session, rising 0.5% to their highest since June 18.
Real estate company Ayala Land was up as much as 2.6%, while Bank of the Philippine Islands gained 3.4%.
Indonesian shares climbed for a fourth consecutive session, up 0.6%.
Financials led the charge, with Bank Central Asia up 2.5% and Bank Mandiri (Persero) Tbk up as much as 0.8%.
The index of the country's 45 most liquid stocks climbed 0.6%.
Singapore stocks inched 0.3% higher. United Overseas Bank Ltd gained over 1%, while casino-operator Genting Singapore was up as much as 3.3%.
The city-state's economy likely expanded at a slower pace in the second quarter, with advance gross domestic product (GDP) forecast to rise 4.0% in April-June from a year earlier.
The government's estimate is expected to be released on Friday.
Thai shares gained 0.5%, with gains in materials stocks outweighing strong losses in the energy sector.
Siam cement was up 1.9%, while PTT Public Co slipped 1.6%.
Malaysian shares gained 0.4%, climbing for a fourth consecutive session.
Banks boosted the index as Public Bank Bhd and Malayan Banking Bhd up 0.6% and 1.8%, respectively.
Vietnam stocks slipped to their lowest in nearly eight months, but recouped the losses and were trading marginally higher.
SOUTHEAST ASIAN STOCK MARKETS AS AT 0412 GMT
Market Current Previous close Pct Move
Singapore 3252.45 3249.08 0.10
Bangkok 1645.03 1636.63 0.51
Manila 7359.52 7333.73 0.35
Jakarta 5927.428 5893.359 0.58
Kuala Lumpur 1694.82 1688.77 0.36
Ho Chi Minh 894.79 893.16 0.18
Change on year
Market Current End 2017 Pct Move
Singapore 3252.45 3402.92 -4.42
Bangkok 1645.03 1753.71 -6.20
Manila 7359.52 8558.42 -14.01
Jakarta 5927.428 6355.654 -6.74
Kuala Lumpur 1694.82 1796.81 -5.68
Ho Chi Minh 894.79 984.24 -9.09