Singapore stocks lead SE Asia markets
- 14 Jul 2017 at 17:43
- WRITER: REUTERS
The Singapore Stock Exchange outperforms other Southeast Asian markets on Friday. (Reuters file photo)
Singapore shares closed at their highest level in nearly two years on Friday, 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% 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 (US$11.65 billion).
Singapore's GDP expanded 0.4% in the April-June period from the previous quarter on an annualised and seasonally adjusted basis, helped by solid global demand for its tech