Philippine shares rose over 1% on Wednesday, snapping three straight sessions of declines, while the Stock Exchange of Thailand index was dragged by energy stocks.
Financials and industrials were the top gainers in the Philippines, with Metropolitan Bank and Trust Co rising 3.4% on strong quarterly earnings.
SM Investments Corp rose 2.3%, while Bank of the Philippine Islands jumped 3.5%.
The Philippine market was one of the worst performers in the previous session, so investors hunted for bargains on Wednesday, said Charles William Ang, an associate analyst with COL Financial Group Inc.
The key stock index had declined 20% this year as of Tuesday, making it the worst performer in Southeast Asia.
The SET index declined for a third session in four, easing 7.48 points or 0.45% to 1,652.30, in turnover worth almost 45 billion baht. Index heavyweight gas and petroleum supplier PTT Plc fell 2% to two-and-a-half week closing low, while Thai Oil Plc declined 3.8%.
Meanwhile, the Bank of Thailand held its benchmark interest rate steady, as widely expected, but a growing split among committee members reinforced views that next month it could tighten policy for the first time in years.
Indonesian shares closed higher for a second straight session with material and consumer stocks dominating the gains.
"It is more of a technical rebound than a firm recovery. Yesterday's oil plunge served as a good catalyst for today's market rebound as Indonesia is an importer of oil," said Taye Shim, head of research at Mirae Asset Sekuritas.
Oil markets fell again on Wednesday, extending losses from a 7% plunge the previous session as surging supply and the spectre of faltering demand scared off investors.
Index heavyweight Astra International Tbk PT and cement manufacturer Semen Indonesia (Persero) Tbk PT climbed 2.2% and 9.3%, respectively.
Malaysian shares closed flat with Malaysia Airports Holdings Bhd slipping 1.1% and palm company IOI Corp Bhd edging up 0.7%.
Singapore shares closed 0.3% lower with conglomerate Keppel Corp Ltd shedding 1.4%, while City Developments Ltd, the country's second-largest property developer, dropped 1.9%.
Vietnam shares fell 0.5%, weighed down by financials and utilities.
Petrovietnam Gas Joint Stock Corp and steel manufacturer Hoa Phat Group JSC were the top percentage losers, shedding over 3.9% and 3% respectively.