Financials and industrials were the top gainers in the Philippines, with Metropolitan Bank and Trust Co rising 3.4 percent on strong quarterly earnings.

SM Investments Corp rose 2.3 percent, while Bank of the Philippine Islands jumped 3.5 percent.

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 <.PSI> had declined 20 percent this year as of Tuesday, making it the worst performer in Southeast Asia.

Indonesian shares <.JKSE> 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 percent plunge the previous session as surging supply and the spectre of faltering demand scared off investors. [O/R]

Index heavyweight Astra International Tbk PT and cement manufacturer Semen Indonesia (Persero) Tbk PT climbed 2.2 percent and 9.3 percent, respectively.

Malaysian shares <.KLSE> closed flat with Malaysia Airports Holdings Bhd slipping 1.1 percent and palm company IOI Corp Bhd edging up 0.7 percent.

Singapore shares <.STI> closed 0.3 percent lower with conglomerate Keppel Corp Ltd shedding 1.4 percent, while City Developments Ltd, the country's second-largest property developer, dropped 1.9 percent.

Thai shares <.SETI> declined for a third session in four, dragged by energy stocks.

Index heavyweight gas and petroleum supplier PTT PCL fell 2 percent to two-and-a-half week closing low, while Thai oil PCL declined 3.8 percent.

Meanwhile, the central bank 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.

Vietnam shares <.VNI> fell 0.5 percent, 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 percent and 3 percent respectively.

(Reporting by Aman Swami; Editing by Subhranshu Sahu)

By Aman Swami