Southeast Asian stock markets ended higher on Thursday, led by banks, with the Philippines hitting a record high on hopes the United States would avert a looming fiscal crisis. President Barack Obama on Wednesday said a deal to avert the so-called fiscal cliff was possible in "about a week" if Republicans compromise on taxes.

The Philippines, the region's best performer this year, jumped 1.3 percent to close at a record peak of 5,763.64, after it hit a fresh intraday all-time high of 5,777.24. The telecom sector led the gains followed by banks. Thailand ended up 0.7 percent to hit a 16-1/2 year high on strong volume, led by banks and energy shares, while Indonesia gained 0.1 percent and Singapore ended up 0.1 percent at a two-month high. Malaysia gained 0.2 percent despite a foreign outflow of $18.38 million.

Copyright Reuters, 2012