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Friday, 13 July 2018 | MYT 12:23 PM

Asean markets higher at midday

SINGAPORE: Southeast Asian stock markets edged higher on Friday, with Indonesia and Malaysia extending gains to a fifth consecutive session, as worries over US-China trade tensions eased.

"The broader market continues to remain in a wait-and-see mode for further details on how China might retaliate on trade, while equity markets continue to press higher under the guise that 'no escalating news is good news'", Stephen Innes, head of trading for Asia pacific at Oanda, said in a note.

Although China has vowed to retaliate to the new tariffs, the lack of a specific response to date has likely sparked a global relief rally, with U.S. stocks posting overnight gains, bolstering Asian shares. 
    
Philippine shares climbed 0.6 percent to their highest since June 18, with property developers SM Prime Holdings and SM Investments Corp each rising as much as 1 percent.
    
Singapore shares inched higher, and were set for their first weekly gain after four weeks of losses.

Economic growth eased in the second quarter in Singapore, missing forecasts, as manufacturing activity cooled and worsening trade tensions between the world's two largest economies clouded the outlook for the trade-reliant city-state.

Indonesian shares gained as much as 0.7 percent to their highest since June 8, and were set to snap three weeks of losses.
    
United Tractors rose about 3 percent in the session, while Bank Mandiri was up 2.3 percent.

The index of the country's 45 most liquid stocks rose 0.9 percent.
    
Malaysian shares climbed as much as 0.8 percent to their highest in three weeks, and were poised for their first weekly gain in five. - Reuters