Meanwhile, Thailand's finance minister on Friday also announced plans for a $10 billion stimulus package to help support a slowdown in the economy. The government is targeting a gross domestic product (GDP) growth of at least 3% this year and 3.5% next year, an economic cabinet official said. Thai stocks posted gains of over 1.5%, with financial heavyweights such as Siam Commercial Bank PCL and Kasikornbank PCL ending up 2.9% and 1.6%, respectively.
The index, however, closed 1.2% lower for the week. The Indonesian benchmark index advanced to close at its highest in two weeks, underpinned by consumer shares. Cigarette makers Hanjaya Mandala Sampoerna and Gudang Garam closed up 6.3% and 3.7% respectively.
Indonesia's President Joko Widodo on Friday proposed a 2,528.8 trillion rupiah ($177.71 billion) budget to parliament for 2020, 3% bigger than 2019, and set an economic growth target of 5.3% for next year. Singaporean shares ended 0.35% weaker after data showed that the city-state's non-oil exports shrank for a fifth straight month due to a decline in shipments of electronics and pharmaceuticals.
The Philippine index, the biggest laggard in the region, was pulled down by subdued real estate and banking shares. Property developer SM Prime Holdings closed 1.2% lower, while lender BDO Unibank ended down 2%. Malaysian shares closed marginally lower, hurt by the financial sector; the index lost 1% on the week.