Southeast Asian stock markets climbed on Friday, with Philippine shares leading the pack, as encouraging data from China whipped up risk appetite.
China, Southeast Asia’s largest trading partner, grew by 6 percent in the fourth quarter, in line with market expectations, suggesting the world’s second-largest economy was stabilizing.
Data also showed that December’s industrial output grew 6.9 percent from a year earlier, the strongest pace in nine months, while retail sales rose 8.0 percent. Fixed-asset investment for the full year jumped 5.4 percent.
“The latest slew of economic data suggests that the global economy is stabilizing and poised for a recovery amid de-escalating US-China trade tensions,” Han Tan, market analyst at FXTM, said in a note.
“Such an environment should also offer emerging markets the chance to find a more stable footing and provide room for riskier assets to advance.”
Philippine shares .PSI climbed 0.9 percent in their best session in two weeks, with Jollibee Foods Corp topping the benchmark index. The main index shed 0.7 percent for the week.
Earlier in the day, Jollibee Foods said it raised $600 million from its first ever bond sale, which was upsized from an original intended amount of $400 million due to strong demand.
Malaysian equities advanced 0.5 percent, buoyed by telecoms, and posted a weekly gain of 0.3 percent.
Axiata shares jumped 5.5 percent in their best session in more than eight months, after a report that Telenor ASA was in talks with Malaysia’s sovereign fund, which could result in the Norwegian company buying a part of the fund’s stake in Axiata.
Thai shares scaled their highest in nearly two months, driven by financial and telecom stocks.
Kasikornbank Pcl gained 2.5 percent and Advanced Info Service Pcl firmed 1.9 percent.
Singapore shares were largely flat throughout the session, with telecoms weighing on the benchmark index.
The city-state’s exports posted a surprise rebound in December after nine months of contraction, partly boosted by a sharp rise in pharmaceutical shipments. — Reuters
