Southeast Asian stocks mostly up

Southeast Asian stock markets posted small gains after a subdued session on Thursday amid cautions about a resolution to the US fiscal cliff, but the Philippines bucked the trend on losses in recent rallying large caps such as SM Investments Corp.
The Philippine Composite Index lost 0.65 percent to close at 5,794.89, reversing five sessions of gains that took the benchmark to a record finish of 5,832.83 on Wednesday. Shares in conglomerate SM slid 2.3 percent, off Wednesday's record close. Bangkok's SET index, Southeast Asia's best performer so far this year, rose 1.1 percent to close near the 1,400 mark amid strong buying interest in equity funds that offer tax breaks. The Ho Chi Minh Stock Exchange's VN Index rose for a fourth session, adding nearly 1 percent to its highest close in more than four months.