Singapore stocks lead SE Asia markets

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% 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 (US$11.65 billion).

Singapore's GDP expanded 0.4% 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% in a Reuters poll.

Singapore shares closed 1.6% higher, posting their third straight weekly gain.

Among other Southeast Asian stock markets, the Philippines ended 0.6% lower, dragged down by property and financial stocks. Property developer SM Prime Holdings fell 1.8%, while Ayala Corp and Metropolitan Bank and Trust Co declined 2% and 2.4%, respectively.

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%, rose in last-minute buying to finish 0.2% higher.

Vietnam ended 0.2% higher. 

Malaysian shares closed slightly higher on Friday, but posted their fourth straight weekly decline. Genting Bhd gained 3.4%, while Petronas Chemicals Group and DiGi.Com fell 1.4% and 1.5%, respectively.

Meanwhile, investors are awaiting a host of US 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.