China's foreign ministry though put the onus on the United States to create favourable conditions for the talks, adding that it hoped the latter would cancel the tariffs slated to kick-off in two days.
"Markets anticipate the latest tariffs escalation to take a pause despite little concrete progress being expected" before the negotiations begin, Mizuho Bank said in a note to clients.
Philippine stocks advanced to their highest close in nearly a month, helped by heavyweights such as SM Prime Holdings and BDO Unibank. The index rose 1.1% over the week.
Chinese Premier Xi Jinping said on Thursday his country and the Philippines could work towards the joint development of oil and gas resources in the South China Sea if they can properly handle their dispute over sovereignty.
The comment came during a visit to Beijing by Philippine President Rodrigo Duterte, amid a recent rise in tension on several fronts, with Chinese vessels challenging energy assets and the sea boundaries of Malaysia, Vietnam and the Philippines.
Banking stocks helped Malaysia's benchmark index rise to its highest close in nearly three weeks. The index gained 0.2% for the week, but fell 1.4% during the month.
Malayan Banking Bhd and CIMB Group Holdings Bhd gained 1.35% and 1.8%, respectively.
Malaysia's top two lenders on Thursday said they expected a quarter point interest rate cut by the central bank this year.
Energy and banking stocks helped Thailand's benchmark index close at its highest in over three weeks. However, the index lost 3.4% this month. Exports rose 3.8% in July from a year earlier after falling 2.1% in June, but the current account surplus narrowed to $1.77 billion after June's surplus of $3.92 billion.
Indonesian shares advanced 1.2% over the week, but fell 1% during the month.
An index of Indonesia's 45 most liquid stocks was up 1.4% on Friday.