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SE Asia Stocks-S'pore posts 2-yr closing high; Global Logistic Properties surges
July 14, 2017 / 10:07 AM / 2 months ago

SE Asia Stocks-S'pore posts 2-yr closing high; Global Logistic Properties surges

    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,
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 percent, rose in last-minute buying to finish 0.2 percent
higher.
    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 
percent, respectively.
    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)
  

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