SE Asia Stocks-S’pore rises after dodging recession, others down

By Chris Thomas
July 14 (Reuters) – Singapore shares were the sole gainers
in Southeast Asia on Friday, hitting their highest in more than
two weeks, as investors heaved a sigh of relief after quarterly
economic growth data showed the city-state had narrowly dodged a
Singapore’s GDP expanded 0.4 percent in the April-June
period from the previous quarter on an annualised and seasonally
adjusted basis, but was lower than a median forecast of 1.1
percent in a Reuters poll.
The economic growth clocked an average pace of 2.5 percent
in the first half of 2017, putting the city-state on track for
an annual growth in the range of 2 percent to 3 percent, which
is within official parameters, OCBC Bank said in a note.
Singapore shares rose as much as 0.6 percent, posting
gains across sectors. Singapore Telecommunications was
the biggest boost on the index, rising as much as 1 percent,
while Oversea-Chinese Banking Corp climbed 0.5
Other stock markets in the region fell, with the Philippines
dropping as much as 0.6 percent. Real estate stocks Ayala
Land and SM Prime Holdings fell 1.4 percent
and 2.1 percent, respectively.
Indonesian shares slipped 0.3 percent, dragged by
financials and consumer stocks. Unilever Indonesia
fell as much as 1.7 percent, while Bank Rakyat Indonesia
dropped nearly 1.9 percent.
Thai shares fell as much as 0.2 percent, after two
sessions of gains, with real estate developer Central Pattana
posting a 2.2 percent drop to hit its lowest in more
than two weeks.
Oil and gas refiner PTT Pcl was the biggest drag on
the index, falling 0.5 percent.
Vietnam was marginally lower, pulled under by
Vinamilk and property developer Vingroup JSC.
Malaysian shares were largely flat as losses in
telecom stocks Axiata Group and DiGi.Com
outweighed a 2.3 percent gain in Genting Bhd.

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Change on day
Market Current Previous Close Pct Move
Singapore 3253.23 3235.67 0.54
Bangkok 1576.58 1579.41 -0.18
Manila 7892.13 7936.85 -0.56
Jakarta 5814.255 5830.044 -0.27
Kuala Lumpur 1752.22 1753.78 -0.09
Ho Chi Minh 777.96 778.3 -0.04

Change on year
Market Current End 2016 Pct Move
Singapore 3253.23 2880.76 12.93
Bangkok 1576.58 1542.94 2.18
Manila 7892.13 6840.64 15.37
Jakarta 5814.255 5296.711 9.77
Kuala Lumpur 1752.22 1641.73 6.73
Ho Chi Minh 777.96 664.87 17.01

(Reporting by Chris Thomas; Editing by Amrutha Gayathri)