The Philippine index <.PSI> closed 1.2 percent higher, notching up a 4.5 percent gain over the last five sessions, as real-estate developer SM Prime Holdings gained after reporting a jump in quarterly earnings.

Bank stocks also boosted the Philippine market, with BDO Unibank Inc gaining 2.6 percent and Metropolitan Bank and Trust Co adding 4.5 percent.

Singapore shares <.STI> edged 0.5 percent higher as consumer goods and industrial stocks ticked up. Wine and soda distiller Thai Beverage PCL added 3.1 percent and casino and gaming operator Genting Singapore Ltd rose 1.6 percent.

Indonesian shares <.JKSE> traded nearly flat, as telecom stocks like Telekomunikasi Indonesia Tbk rose 1.8 percent and PT Indosat Tbk added 6.0 percent to offset losses in the banking sector.

Meanwhile, Malaysian stocks <.KLSE> led losses in the region, closing 0.6 percent lower, as telecom giant Axiata Group Bhd shed 6 percent and Telekom Malaysia lost 4.2 percent.

"General sentiment in the Malaysian market is pretty cautious awaiting the upcoming union budget," said Nik-Ihsan, a technical analyst with Maybank Kim Eng.

The government had recently unveiled new forecasts, indicating wider fiscal deficits than earlier expected and an austere 2019 budget scheduled to be presented on Nov. 2.

Rating agencies have warned its sovereign credit ratings could take a hit if the government cannot narrow its budget deficit.

Vietnamese stocks <.VNI> closed 0.5 percent lower, led by losses in financials. Joint Stock Commercial Bank for Foreign Trade of Vietnam dropped 1 percent, while Vietnam Prosperity Joint Stock Commercial Bank fell 2.7 percent.

Prime Minister Nguyen Xuan Phuc said on Monday foreign direct investment inflows into Vietnam this year would likely reach a record $18 billion.

He also said the Southeast Asian country would aim to keep the inflation rate at 4 percent for 2019.

However, he added there was pressure on Vietnam's inflation rate due to higher prices for crude oil and electricity as well as education and healthcare services.

Thai shares fell 0.6 percent as investor sentiment was hit after disappointing trade data for September. Exports, the key driver of its growth, fell 5.2 percent from a year earlier.

(Reporting by Rashmi Ashok in Bengaluru; Editing by Amrutha Gayathri)

By Rashmi Ashok