Most Southeast Asian stock markets closed higher on Wednesday, in line with Asian peers, as investors looked beyond economic cues from the United States to focus on corporate earnings due next week. Optimism about the Chinese economy underpinned Asian shares and commodities, while the dollar hovered around 10-month lows as investors bet that any further tightening in the US monetary policy would be slow at best. "Investors are positioning themselves for second-quarter earnings due next week," said Manny Cruz, an analyst with Manila-based Asiasec Equities Inc.
Singapore shares posted their highest close in nearly two years, driven by financial and real estate stocks. Oversea-Chinese Banking Corp gained 1.1 percent to close at a record high, while CapitaLand Ltd ended 0.8 percent higher. NetLink NBN Trust, the broadband unit of Singapore Telecommunications, rose slightly above its offer price in its market debut on Wednesday in an IPO that is the largest the city-state has seen in four years.
Fitch Ratings forecast a real GDP growth of 2.2 percent for Singapore in 2017. Philippine shares closed at their highest since June 9, with real estate and telecommunication stocks leading the gains. Property developer SM Prime Holdings rose 1.6 percent to a one-month closing high, while PLDT Inc ended 0.9 percent higher. Malaysian shares closed at their highest in nearly two weeks, helped by financials. CIMB Group ended 1.4 percent higher.