Singapore stocks snap 6-day losing streak; Lippo Malls falls on downgrade fears

SGX Logo. Reuters

Singapore shares edged up after six straight sessions of declines on Friday, buoyed by gains in financials.

Most other Southeast Asian markets were subdued in thin trade ahead of a long holiday weekend.

Asian stocks edged up after Wall Street rose on economic data pointing to steady economy growth in the United States.

The U.S economy grew at its fastest pace in more than two years in the third quarter, concluding a fairly positive week for the United States, although growth came in slightly lower than forecasts.

The dollar gave up some early gains on the GDP report. The yen fluctuated as the Bank of Japan held rates and Governor Haruhiko Kuroda said there's no need to reconsider the current policy framework.

At 0610 GMT, the Straits Times Index rose 0.28 percent or 9 points to 3,391. It ended 0.36 percent lower on Thursday, taking the year-to-date performance to about 17 percent.

The index is down 0.7 percent this week and is poised for a third weekly drop.

Top lenders Oversea-Chinese Banking Corp and DBS Group Holdings gained 1.1 percent and 0.8 percent, respectively.

Spackman Entertainment, a South Korean theatrical film production group, rose 2 percent after it entered into deal to buy Constellation Agency for S$16.6 million.

But shares in Lippo Malls Indonesia Retail Trust plunged about 4 percent after Moody's Investors Service placed its Baa3 issuer rating on review for downgrade.

About 774 million shares worth S$442 million changed hands, with gainers outnumbering losers 170 to 145.