Southeast Asian shares rise despite trade war

Published: July 09, 2018 12:58:54 | Updated: July 11, 2018 16:15:18

File Photo (Collected)

Southeast Asian stock markets were mostly higher on Monday, after a weekend of relative quiet over the escalating trade stand-off between the US and China.

Singapore shares bounced back from a 14-month low. DBS Group Holdings and Oversea-Chinese Banking Corp Ltd rose over 1.3 per cent, reports Reuters.

Indonesian shares rose 1.3 per cent, with lender PT Bank Central Asia gaining 3 per cent, while telecom operator PT Telekomunikasi Indonesia touched its highest in three months.

The index of the country's 45 most liquid stocks climbed 1.4 per cent.

Thai shares were up as much as 0.8 per cent, buoyed mainly by energy stocks, as oil prices climbed.

Global oil prices rose as investors focused on tight market conditions after data late last week showed US crude inventories fell to their lowest in more than three years.

PTT Public Company climbed as much as 2.2 per cent, and PTT Exploration and Production jumped more than 3.0 per cent.

Meanwhile, the Philippine index erased early gains to fall 0.3 per cent, and was set to fall for a third session. Real estate company SM Prime Holdings fell 1.4 per cent.  

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