The Stock Exchange of Thailand index rebounded, while Philippine shares slumped on Thursday, deepening the week's losses, as an overnight rout on Wall Street led to jitters across Asian markets.
US stocks plunged on Wednesday, confirming a correction for the Nasdaq and erasing the Dow and the S&P 500's gains for the year. The losses sparked safe-haven demand for sovereign bonds, the dollar and the yen, while pulling down MSCI's broadest index of Asia-Pacific shares outside Japan on Thursday.
The SET index earned 20.96 points or 1.29% to end the day at 1,644.33, in trade worth 76 billion baht. Energy stocks gained after PTT Exploration and Production Plc swung to a quarterly profit, boosting the sector.
Philippine stocks dropped 2.3%, widening the year's losses to more than 18% -- the worst %age drop in the region. The index has lost 3.7% over the last three sessions.
Lender BDO Unibank Inc fell 3.6% in the session while Security Bank Corp lost 5.2%.
Singapore shares fell 0.6%, recouping some the session's earlier losses, with shipbuilder Yangzijiang Shipbuilding (Holdings) Ltd down 3.3% and casino and gaming operator Genting Singapore Ltd dropping 3.3%.
Malaysian stocks closed lower, with oil and gas services provider Dialog Group Berhad retreating 5.3% and telecom operator Telekom Malaysia Berhad losing 2.3%.
Vietnamese shares finished 1.3% lower, as its real-estate sector suffered heavy losses. The index posted its sixth straight session of losses and has lost 6.2% this year.
Vinhomes Joint Stock Company lost 5.5% and Vingroup Joint Stock Company fell 2% in the session.
Indonesian shares closed 0.8% firmer, boosted by consumer and financial sectors.
"It's a technical rebound because valuations show it's time to buy as they have reached bottom. Also Q3 company earnings that are coming out are relatively in line, or not so bad too," said Satria Sambijantoro, economist with Bahana Sekuritas in Jakarta.
"Stocks are trading 12-13 times P/E ratio, so it's a good time to buy. Also there is optimism from the recent stability of the rupiah," added Fakhrul Fulvian, an economist with Trimegah Securities Indonesia in Jakarta.
The Indonesian central bank recently held its key interest rates steady, taking advantage of relatively calm markets and as the rupiah holds stable near a 20-year low.