Most SE Asian stocks rise; Philippines posts biggest weekly gain in over 1½ yrs

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BENGALURU (July 27): Most Southeast Asian stock markets ended higher on Friday tracking broader Asia, with the Philippines marking its highest weekly close in more than 1½ years, but gains were limited as lingering US-Sino trade tensions kept investors watchful.

All eyes are on US second-quarter GDP figures due later in the day. The US economy likely sustained a GDP growth of 4.1% in the quarter just ended, according to a Reuters poll.

"Strong US data would be negative for emerging markets as it could signal more interest rate hikes from the Fed and if data turns out to be better than expected, it could lead to outflows from emerging markets" said Charles William Ang, associate analyst at COL Financial Group, Inc.

Philippine shares reversed course to end 0.5% higher. The index finished the week 4.1% firmer, its highest weekly close since Jan 2017.

Real estate and consumer discretionary stocks led the gains, with SM Prime Holdings and Jollibee Foods Corp gaining 1.5% and 3.8% respectively.

Indonesian shares followed suit to end 0.7% higher, led by consumer discretionary stocks. The index gained 1.9% during the week.  

Conglomerate Astra International Tbk Pt, up 4.5%, was the top gainer, after reporting an 11% growth in first-half net income on Thursday.

Malaysian shares rose on the back of utilities and ended the week 0.8% higher, their third consecutive weekly gain.

Petronas Gas BHD and Axiata Group BHD were top contributors to the benchmark.

Singapore shares ended 0.1% lower, dragged by industrial stocks. The index, however, marked its third consecutive weekly gain.  

Shares of Singapore Airlines fell 5.4% to a three-week closing low after the carrier posted a 59% drop in first-quarter profit.

The Thailand stock market was closed on Friday for a local holiday  

Change on the day

Market          Current      Previous close    % move
Singapore       3324.98      3328.6      -0.11
Manila          7701.38      7665.85     0.46
Jakarta         5989.136     5946.136    0.72
Kuala Lumpur    1769.14      1766.23     0.16
Ho Chi Minh      935.52       930.16      0.58

Change on year

Market          Current      End 2017    % move
Singapore       3324.98      3402.92     -2.29
Manila          7701.38      8558.42     -10.01
Jakarta         5989.136     6355.654    -5.77
Kuala Lumpur    1769.14      1796.81     -1.54
Ho Chi Minh     935.52       984.24      -4.95