(July 12): Southeast Asian stock markets closed marginally higher on Thursday, tracking a slight recovery in broader Asia and as upbeat economic data boosted sentiment.
Asian shares outside Japan climbed 0.4% as markets tried to consolidate from the previous session's steep losses when fears of an escalation in the US-China trade war jolted investor sentiment.
"The US-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," said Taye Shim, head of research at Jakarta-based Mirae Asset Sekuritas.
Philippine shares ticked up and posted their highest close in more than three weeks with financials leading the gains.
Ayala Corp rose 3% and Bank of the Philippine Islands climbed 2%.
Singapore shares advanced with casino operator Genting Singapore rising 3.3% and United Overseas Bank Ltd gaining 0.3%.
Malaysian shares rose 0.9% to their highest close in three weeks. Bankers CIMB Group Bhd closed 4.7% higher, while Malayan Banking Bhd gained nearly 4%.
Malaysia's industrial production index rose 3% in May from a year earlier, supported by gains in the manufacturing and electricity generation sectors, government data showed.
Vietnam stocks closed 0.6% higher, snapping three consecutive sessions of declines and recovering from an eight-month low hit earlier in the session.
Thai shares rose for a fourth session in five, with Energy Absolute PCL climbing 5.6% and Siam Cement gaining 0.5%.
The country's exports are expected to increase 9% this year, more than the previous forecast, the commerce minister said.
SOUTHEAST ASIAN STOCK MARKETS
Change on the day
|Market||Current||Previous close||% move|
|Ho Chi Minh||898.51||893.16||0.60|
Change on year
|Market||Current||End 2017||% move|
|Ho Chi Minh||898.51||984.24||-8.71|