Most Southeast Asian markets finished higher on Friday as investors were optimistic with upbeat US manufacturing and employment data suggesting the world's largest economy was regaining speed. US factory activity ticked up in May after slowing for two straight months and private employers stepped up hiring, which could prompt the Federal Reserve to raise interest rates in June.
MSCI's broadest index of Asia-Pacific shares outside Japan gained as much as 0.7 percent to its highest in more than two years. Philippine shares gave up early gains to close 0.3 percent lower, due to last-minute selling in index heavyweight SM Investments Corp and Metropolitan Bank and Trust Co. Travellers International Hotel Group tumbled 7.9 percent in its biggest single-day drop since January 2016, after 36 people died at one of its casinos following an attack by a gunman.
Alliance Global Group, a joint venture partner in Travellers International, fell 3.8 percent in its sharpest daily drop since November 2016. For the week, Philippine shares rose 0.5 percent, their second straight weekly gain. Malaysian shares gained 0.8 percent, lifted by palm oil producer Sime Darby Bhd which hit its highest in more than two years. Singapore shares closed slightly higher, with gains in United Overseas Bank and CapitaLand Ltd outweighing a 0.8 percent drop in DBS Group Holdings. Thai shares gained 0.3 percent, but finished the week 0.1 percent lower.
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