The Philippines posted a third straight gain on Thursday after Standard & Poor's raised its rating outlook for the country to 'positive' while most other markets in the region saw smaller gains in light volume amid buying interest in laggard stocks. The Philippine index ended at 5797.74, pushing closer to last week's record close of 5,831.50. Index heavyweights Ayala Corp and SM Investment Corp were among top gainers with rises of 3.9 percent and 2.8 percent respectively.

In light trade, Singapore finished at its day's high of 3,175.52, the highest close since August last year, and Malaysia ended at its day's high of 1,670.60, the level last seen in early November. Singapore-listed palm oil firm Wilmar International Ltd jumped 3.1 percent, its biggest one-day gain in more than two months, with trading volume of four times the 30-day average. Wilmar has fallen 34.4 percent so far this year versus a 20 percent gain of the broader Singapore market. Bangkok's SET index ended slightly lower at 1,377.40, off Wednesday's 17-year peak of 1,378.40. Jakarta's Composite index extended loss for a third session to 4,254.82, the lowest close since October 3.

Copyright Reuters, 2012