Southeast Asian stock markets ended mostly higher in a holiday-thinned session on Friday, with the Philippines closing the year near a record high as investors were positive about its economic growth, but Thai stocks came off the key 1,400 mark after late selling. Thailand's benchmark SET index finished 0.4 percent lower at 1,391.93, climbing at one point to 1,402.86. It had touched a 17-year closing high of 1,397.19 on Thursday.

Bangkok saw a late selloff by domestic investors in rallying large caps such as top energy firm PTT Pcl and top mobile phone operator Advanced Info Service Pcl. The Thai bourse said foreign investors bought 1.6 billion baht ($52.19 million) worth of shares on Friday. For Southeast Asia's fund flows in 2012, click

The Thai index was still up 36 percent on the year, the best in Southeast Asia ahead of a 33 percent rise in the Philippine composite index. Thailand and the Philippines are among the best performing markets world-wide in 2012. Jakarta's Composite Index ended the year at 4,316.69, up 13 percent in 2012. Vietnam's Ho Chi Minh Stock Exchange's VN Index closed the year at its highest level in more than four months. The Philippines, Thailand, Indonesia and Vietnam will be closed during the New Year Holiday, from December 31 to January 1. Singapore and Malaysia will be closed on January 1.

Copyright Reuters, 2012