SINGAPORE - Trading volume of Global Logistic Properties (GLP) spiked sharply on Thursday, with 386.9 million shares changing hands.

The bulk of the volume was likely the result of a married deal, market watchers told the Straits Times.

A married deal is an off-the-market share transaction between two parties on an agreed price.

CMC Markets analyst Nicholas Teo said some 354 million shares - around 7.3 per cent of GLP's stake - were traded at $2.74 a share in the morning.

"This would require a shareholding change announcement on Singapore Exchange within five days. Until that announcement is made we can only guess who's behind the deal. But looking at the current shareholding, only Blackrock, Lone Pine Capital and GIC have that much to sell."

Price of GLP, a Straits Times Index component stock, ended the day eight cents or 2.9 per cent higher at $2.82.

Aside from the married deal, which typically triggers market reaction, investors are also excited over the slew of positive economic figures coming out of Japan, where GLP has a substantial portfolio.

The Markit Japan manufacturing purchasing managers' index rose to a seasonally adjusted 50.9 in May, indicating expansion of manufacturing activities. This followed the 2.4 per cent economic growth reported for the first quarter, which spurred Nikkei to a new 15-year high overnight.