By Chris Thomas
July 14 (Reuters) – Singapore shares closed at their highest
level in nearly two years on Friday, propped by warehouse
operator Global Logistic Properties and as investors
heaved a sigh of relief after quarterly economic growth data
showed the city-state narrowly dodged a recession.
Global Logistic Properties, Asia’s No. 1 warehouse operator,
surged as much as 23 percent to a record high after it agreed to
be acquired by a Chinese private equity consortium backed by
senior GLP executives for roughly S$16 billion ($11.65 billion).
Singapore’s GDP expanded 0.4 percent in the April-June
period from the previous quarter on an annualised and seasonally
adjusted basis, helped by solid global demand for its tech
products, but was lower than a median forecast of 1.1 percent in
a Reuters poll.
Singapore shares closed 1.6 percent higher, posting
their third straight weekly gain.
Among other Southeast Asian stock markets, the Philippines
ended 0.6 percent lower, dragged down by property and
financial stocks. Property developer SM Prime Holdings
fell 1.8 percent, while Ayala Corp and Metropolitan Bank
and Trust Co declined 2 percent and 2.4 percent,
The Philippine stock index nearly hit the 8,000 resistance
level in the previous session, so investors may be just trying
to lock in some profits, said Charles Ang, an analyst with
Manila-based COL Financial.
Philippine shares closed the week marginally lower after
rising for two consecutive weeks.
Indonesian shares came off early falls to end the
session flat. Unilever Indonesia, which fell as much
as 1.7 percent, rose in last-minute buying to finish 0.2 percent
Thai shares closed the week higher after two
straight falls, while Vietnam ended 0.2 percent higher.
Malaysian shares closed slightly higher on Friday,
but posted their fourth straight weekly decline. Genting Bhd
gained 3.4 percent, while Petronas Chemicals Group
and DiGi.Com fell 1.4 percent and 1.5
Meanwhile, investors are awaiting a host of U.S. economic
indicators, including core inflation, retail sales and
industrial production, for June later in the session for more
insight into how the Federal Reserve might proceed with monetary
policy tightening this year.
($1 = 1.3738 Singapore dollars)
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SOUTHEAST ASIAN STOCK MARKETS: Change on day
Change on day
Market Current Previous Close Pct Move
Singapore 3287.43 3235.67 1.60
Bangkok 1577.79 1579.41 -0.10
Manila 7885.9 7936.85 -0.64
Jakarta 5831.795 5830.044 0.03
Kuala Lumpur 1755 1753.78 0.07
Ho Chi Minh 777.6 778.3 -0.09
Change on year
Market Current End 2016 Pct Move
Singapore 3287.43 2880.76 14.12
Bangkok 1577.79 1542.94 2.26
Manila 7885.9 6840.64 15.28
Jakarta 5831.795 5296.711 10.10
Kuala Lumpur 1755 1641.73 6.90
Ho Chi Minh 777.6 664.87 16.96
(Reporting by Chris Thomas; Editing by Subhranshu Sahu)