Philippine shares ended higher on Thursday after data showed the economy grew at a sizzling pace in the second quarter, while trading was subdued in most other markets in Southeast Asia as investors awaited GDP growth numbers.
Philippine shares rose 0.3% to a three-week closing high, as the second-quarter GDP growth topped expectations on strength in the industrial sector and a recovery in agriculture.
Financials and real estate stocks led the gains, with BDO Unibank rising 1.4% and Metro Pacific Investments up 1.2%.
“Markets are basically reacting to the second-quarter GDP figures,” said Lexter Azurin, a senior analyst with Manila-based AB Capital Securities.
Meanwhile, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4%.
The minutes of the US Federal Reserve’s last meeting showed on Wednesday that policymakers were concerned about weak inflation, indicating the Fed may slow the pace of rate hikes.
Malaysian stocks edged up 0.1%, helped by materials and financials, with Petronas Chemicals Group and AMMB Holdings being the top performers on the index.
Malaysia’s economy is expected to have grown at a slightly slower pace in the second quarter due to weaker private consumption, even as trade remained robust.
Malaysia’s GDP data is due Friday.
Singapore shares closed 0.3% lower, extending losses to a third day, hurt by real estate and industrials.
Indonesia was closed for a holiday.
Southeast Asian stock markets
Closed for a holiday