SINGAPORE, July 14 — Singapore shares closed at their highest level in nearly two years today, 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 per cent 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 (RM50 million).
Singapore’s GDP expanded 0.4 per cent 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 per cent in a Reuters poll.
Singapore shares closed 1.6 per cent higher, posting their third straight weekly gain.
Among other Southeast Asian stock markets, the Philippines ended 0.6 per cent lower, dragged down by property and financial stocks. Property developer SM Prime Holdings fell 1.8 per cent, while Ayala Corp and Metropolitan Bank and Trust Co declined 2 per cent and 2.4 per cent, 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 per cent, rose in last-minute buying to finish 0.2 per cent higher.
Thai shares closed the week higher after two straight falls, while Vietnam ended 0.2 per cent higher.
Malaysian shares closed slightly higher today, but posted their fourth straight weekly decline. Genting Bhd gained 3.4 per cent, while Petronas Chemicals Group and DiGi.Com fell 1.4 per cent and 1.5 per cent, 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. — Reuters
