Southeast Asian stocks rise on robust China trade data

Southeast Asian stock markets rose on Friday, led by Philippines, on the back of robust economic data from China and Japan, and the United States' quick move to avert a government shutdown over the weekend. Beijing reported exports surged 12.3 percent in November from a year earlier and imports climbed 17.7 percent, surpassing all forecasts and easing concerns of a slowdown in the world's second-biggest economy, while latest data showed Japan's economy growing twice as fast as first thought as business spending jumped.
The US Congress moved rapidly on Thursday to send President Donald Trump a short-term funding bill to avert a government shutdown this weekend, leaving fights over budget priorities and a range of other controversial issues for the coming weeks.
MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.8 percent ahead of US jobs data later in the day. Philippine shares climbed 1.6 percent in their biggest single-day rise in a month, on the back of strong gains in financials and industrials. They ended the week 2 percent higher, their biggest since early May.
Ayala Corp rose 3 percent on Friday, JG Summit Holdings Inc climbed 3.7 percent, while Universal Robina Corp jumped 5.9 percent. Singapore stocks climbed more than 1 percent, rebounding from four consecutive sessions of declines, but ended the week 0.7 percent lower.
Financials accounted for most of the gains on Friday, with top lenders DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank rising between 1 percent and 2.5 percent. Indonesian shares rose for a fourth session in five, supported by gains in financials, with Bank Negara Indonesia (Persero) Tbk PT climbing 3.8 percent.
Ratings agency Fitch said on Thursday growth in Indonesia was expected to pick up sharply in 2018 with the help of a brighter investment climate and stabilisation of commodity prices. However, Nomura Indonesia analyst Elvira Tjandrawinata said, "we are neutral on Indonesia for 2018_ valuation at this point is still extended, it's close to peak. So it doesn't really price in the earnings disappointment or some political risk that could come from the election in 2018." The market climbed 1.3 percent this week in its third weekly gain in four.