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Kuala Lumpur. Most Southeast Asian stock markets edged higher on Friday, poised for slight gains on the week amid strength in commodities-related stocks supported by signs of a strengthening US economy.

Sharemarkets reached multi-week highs on the week, with Indonesia and the Philippines around five week highs. The Philippines was Asia’s best performer this year, followed by the Indonesia.

Better data on the US economy, including another decline in jobless claims, helped offer some relief for the market. However, short-term traders tended to book profits as markets approached a Christmas holiday.

Singapore’s Straits Times Index was up 0.44 percent, Malaysia’s main KLSE> was 0.31 percent higher and Jakarta’s Composite Index finished almost flat at 0.05 percent after early small gains.

Singapore, Malaysia, Indonesia shut on Monday for Boxing Day.

The Philippines erased early gains to end almost unchanged, posting weekly gain of 1.6 percent, among Southeast Asia’s outperformers. Most others eked out smaller gains. Vietnam lost 1.2 percent to the lowest since May 2009.

The Thai SET index was trading flat after a mild gain in early trade and finished down 0.5 percent. Brokers said the Thai market and the region could continue to be sluggish next week due to holiday seasons and amid concern about euro zone debt crisis.

“Markets could see a lot of cautious trading next week because investors are not certain with the situation in Europe,” said Sukit Udomsirikul, head of strategist at broker SCB Securities in Bangkok.

Asian stocks edged up on Friday, as signs of a strengthening economy in the United States encouraged a modest year-end rally in riskier assets. Data showed new claims for US unemployment benefit dropped to their lowest in 3-1/2 years.

MSCI’s broadest index of Asia Pacific shares outside Japan rose 1.24 percent at 1000 GMT.

Among actively traded shares in the region, Singapore’s oil rig builder Keppel Corp Ltd. gained 3 percent. It advanced over 4 percent on the week. Thai energy explorer PTT Exploration and Productions Pcl was unchanged on the day and had climbed 2 percent on the week.

Sentiment in energy shares were supported by global oil prices. Brent futures were steady above $107 a barrel on Friday, supported by fresh signs of a strengthening U.S. economy and the prospect of supply disruptions from the Middle East.

Reuters