Southeast Asia stocks higher on China growth data

Southeast Asia stocks higher on China growth data

A woman walks past posters in a shopping mall in Beijing. Southeast Asian stock markets ended higher on Friday as China's economy climed in the second quarter. (AFP photo)
A woman walks past posters in a shopping mall in Beijing. Southeast Asian stock markets ended higher on Friday as China's economy climed in the second quarter. (AFP photo)

HONG KONG - Most Southeast Asian stock markets closed higher on Friday, in line with Asian peers, as reassuring Chinese growth data overtook negative sentiment after an attacker in the south of France killed at least 84 people.

A gunman at the wheel of a heavy truck ploughed into crowds celebrating Bastille Day in the French city of Nice, killing at least 84 people and injuring scores more in what President Francois Hollande called a "terrorist" act.

World stocks were at an eight-month high on Friday although Europe ended an otherwise strong week subdued after the attack.

China's economy climbed 6.7% in the second quarter, marginally better than the expected 6.6%, which would have been the weakest since the global financial crisis.

"The fact that money supply and loans are also up suggests that China's pro-stimulus position should not be derailed, which will be quite supportive of wider Asia," said Vishnu Varathan, a senior economist with Mizuho Corporate Bank in Singapore.

Philippine stocks led the gainers in the region, up nearly 1% on the day, driven by telecom and consumer stocks. It gained 3.3% on the week.

Indonesian shares were up 0.5%, driven by telecom and financials, after the country's trade surplus grew more than expected to $900 million in June. The index was up 2.8% on the week.

Indosat and Bank Central Asia finished 2.3% and 1% higher, respectively.

Singapore closed 0.6% higher; while Malaysia rose almost 1%.

Vietnam bucked the trend to end down, dragged down by consumer non-cyclicals and energy shares.

Earlier, Asian shares extended gains, with MSCI's broadest index of Asia-Pacific shares outside Japan rising 0.4%.

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