Most Southeast Asian stocks higher but without enthusiasm

Most Southeast Asian bourses edged higher on Thursday, helped by late bargain-hunting in big caps and dividend-yielding stocks such as banks and telecoms, but trade remained quiet, especially ahead of an Italian debt auction that kept investors nervous.
The region's markets have been range-bound this week, with holidays keeping investors away and the eurozone debt crisis still clouding the global economic outlook. "It's too early to say that the worst of the European crisis is over. So investors preferred defensive plays rather than betting on recovery," said Pichai Lertsupongkij, head of investment advisory services for Thanachart Securities in Bangkok.
Philippine shares rose 0.8 percent on their last trading day of the year, racking up an annual gain of 4.1 percent, Asia's best performance, helped by the resilience of Manila's resources sector and a favourable outlook for telecoms firms. Top miner Philex Mining Corp surged by nearly 50 percent on the year, the best-performing stock, and Globe Telecom Inc, the second-biggest telecommunications firm, jumped 35 percent. It added nearly 5 percent on Thursday.
Manila-based Gregg Llag, an analyst at AB Capital Securities Inc, attributed the rise on Thursday to year-end window dressing of investment portfolios but said the outlook for the local economy was also supportive. "Investors are optimistic about the resilience of the Philippine economy and the mining sector because of the country's large mineral resources. Telecoms was also another good story for its outlook and dividend returns," he said.
The Philippine bourse is shut on Friday and reopens on Monday, when other regional markets are closed. Malaysian shares inched up 0.17 percent to their highest in more than four months after registering small gains over the past five sessions. Singapore's main index edged up 0.2 percent, after an early fall to a one-week low.
Indonesian stocks climbed 1.1 percent, sliding to a two-week low at one point. Jarkarta is up 2.8 percent on the year, the second-biggest gainer in Asia after Manila. Vietnamese stocks ended flat, hovering around their lowest in almost three years. --- Philippines fares best in Asia this year
Thai stocks extended their drop into a sixth session, hitting two-week lows. A raft of domestic selling, led by retail investors and domestic institutions, outweighed buying by foreign investors this month, the Thai bourse said. Late buying sent top lender Bangkok Bank Pcl 0.7 percent higher at one point while telecoms firm Total Access Communication Pcl plunged 20.5 percent to a two-month low as it traded ex dividend. It hit a record high this month after announcing a big dividend.