Major Southeast Asian stock markets closed higher on Tuesday, with the Philippines hitting a record high on hopes that the US Congress reaches a compromise to avoid the "fiscal cliff" that threatens to derail the world's largest economy. Optimism over averting the US fiscal crisis was, however, capped by renewed concerns over the euro zone debt crisis after a credit rating agency stripped France of its top-notch rating.
Manila's broader stock index, the region's best performer this year, ended 0.9 percent firmer at 5,500.58 points, a record close. The gain was led by holding firms and banks, with Bank of the Philippine Islands rising 3.2 percent. Singapore gained 0.3, with Myanmar-focused property developer Yoma Strategic Holdings Ltd surging 12.5 percent after a share sale launch and US President Barack Obama's historic visit to the country.
Malaysia, which saw $12.22 million net foreign selling, ended a tad firmer with a 0.05 percent gain from an eight-week low, while Vietnam rose 0.5 percent. Indonesia ended flat, with a $12.83 million in foreign outflows, while Thailand closed 0.6 percent weaker.