Shares in Singapore and the Philippines rose, while Malaysia erased gains on Thursday ahead of a market holiday, with investors selectively picking stocks in a reporting season. Singapore's Straits Times Index was up 0.4 percent on the day and 2.2 percent on the week, while Philippine main index ended up 0.8 percent, taking its weekly gain to about 3 percent, both were among the region's outperformers.
Shares of Singapore-listed DBS Group Holdings were among top percentage gainers after an upbeat second-quarter earnings forecast by a brokerage. Malaysia, which traded half day, finished virtually flat, closing the week 0.65 percent higher. Malaysia, Singapore and the Philippines will be closed on Friday for Eidul-Fitr holiday. Indonesia was shut on Thursday through July 21 for the Eidul-Fitr celebrations. Indexes in Thailand and Vietnam both fell as a public holiday in the region capped risk appetite.
Thai banks extended their declines for a third straight day, with shares of Kasikornbank and Siam Commercial Bank among losers. Banks are reporting quarterly earnings from this week amid concerns over high loan loss provisions in the quarter in the wake of economic slowdown. Most Asian shares edged up on Thursday after Greece approved a bailout plan and brought mild relief, while the dollar stood tall as Federal Reserve Chair Janet Yellen reinforced expectations for a US rate hike.
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