Southeast Asian stock markets closed firmer on Thursday as broader Asian shares scaled a decade high on bets of a brighter outlook for the global economy and robust commodity prices, with the Philippines and Indonesia climbing to record finishes. Philippine shares gained 0.5 percent in their fourth straight winning session as data showing a narrower budget deficit for November added to the positive sentiment. The passage of a long-awaited tax reform plan by the Philippine Congress, a credit ratings upgrade by Fitch, and faster economic growth forecast by the World Bank had brought cheer to investors this month.
Financials accounted for almost half the gains on the index, with Metropolitan Bank and Trust Co closing at its highest in more than four years, while Ayala Land marked a near seven-week closing peak. Vietnam shares rose to their highest close in more than 10 years, firming nearly 1 percent, on gains across the board.
The top robusta producer's shipment of coffee beans in December is expected to rise from a month earlier, the Vietnam government said on Wednesday, in line with traders' forecasts. Both Vinacafe Bien Hoa and Vietnam Dairy Products JSC scaled record closes.
Indonesian shares marked a fresh record finish, supported mainly by financials. PT Bank Central Asia rose nearly 2 percent, while PT Bank Danamon Indonesia closed 3.3 percent higher.
Singapore and Malaysia also firmed, aided largely by banking stocks. Singapore's top lender Oversea-Chinese Banking Corp was the best performer on the index, closing 1 percent up at its highest in two weeks.
Meanwhile, Thai stocks slipped 0.6 percent, snapping four sessions of gains. Furniture manufacturer Rockworth Pcl tumbled over 20 percent, while construction service provider EMC Pcl dropped more than 11 percent.
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