Southeast Asia stocks: Most markets end higher; Philippines sees sharp recovery

Philippine shares recovered from a near one-year low to end higher on Friday, while most other Southeast Asian markets were boosted by positive developments around the Sino-U.S. interim trade deal.

The Philippine benchmark closed up 1.6% after falling as much as 2.4%, helped by financial and industrial stocks. For the week, it shed over 1.3% — its worst weekly show in a month.

Shares of utilities and banks have been volatile on tensions over repealing of water contracts, and as reports of a central bank probe on ten lenders for their ties with Australia's scandal-hit Westpac Banking Corp emerged.

Adding to the volatility was the markets trying to align with the rebalancing of the FTSE index due later in the day, said Richard Laneda, a senior research manager at COL Financial Group.

Most other markets in the region rose after U.S. Treasury Secretary Steve Mnuchin said the "phase one" trade deal will be signed in early January.

Aiding sentiment was China announcing a list of import tariff exemptions for six oil and chemical products from the United States.

Malaysian equities closed 0.9% higher due to strength in utilities and basic materials. They posted the biggest intraday percentage gain in over one month.

The country's consumer price index (CPI) for November rose less-than-expected because of a fall in prices of clothing and footwear and lower transport costs, government data showed.

Index heavyweights Petronas Chemicals Group Bhd and Petronas Gas Bhd rose about 3.5% and 5%, respectively.

Trade-sensitive Singapore eked out marginal gains, while the Vietnam index saw its best session in over a week as financials and real estate stocks rallied.

Indonesian stocks reversed Thursday's losses, lifted up by telecom and consumer sectors.

(Reporting by Shruti Sonal in Bengaluru; editing by Uttaresh.V)

By Shruti Sonal