Southeast Asian stocks: Singapore gains on strong GDP data; Philippines down

Singapore stocks closed higher on Friday on strong economic data, while Indonesian stocks fell for a third straight session dragged down by consumer discretionary and financial shares. Singapore's FTSE Straits Times Index rose for a third straight session, up 0.4 percent, led by financials after data showed the city-state's economy grew 12.3 percent in the fourth quarter, beating the government's initial estimate of 9.1 percent. The index gained 0.2 percent on the week.
United Overseas Bank Ltd rose 1.7 percent to close at a two-month high, despite posting a fall in quarterly profit. "UOB delivered the best 4Q16 result of its peers, punctuated with what appeared to a proactive 'clean-up' of oil support services sector asset quality," Citi Research said in a note. Offshore oil-rig builder Keppel Corporation Ltd gained 1.7 percent to close at its highest since November 2015, while Singapore Technologies Engineering Ltd jumped 6.5 percent to a near 22-month high.
Indonesian shares fell 0.5 percent to their lowest in two weeks. The index lost 0.4 percent on the week. Astra International Tbk PT, a conglomerate with interests in the automobile sector, fell 2.5 percent to its lowest since January 30, 2017. Bank Mandiri (Persero) Tbk PT fell for a third session, down 1.1 percent.
Philippines shares shed 0.5 percent, weighed down by industrial and telecom stocks. The index gained 0.1 percent on the week. Telecom giant PLDT Inc was the biggest loser on the index, down 2.7 percent. Conglomerate Aboitiz Equity Ventures Inc shed 1.1 percent. Thai shares ended marginally higher, eking out a third session of gains, but ended the week 0.4 percent lower. Telecom and consumer discretionary stocks led gains, with Advanced Info Service PCL up 1.2 percent to close at its highest in six months. PTT Pcl, the country's biggest energy company, gained 0.5 percent.