SINGAPORE: Malaysian and Philippine shares fell 1 percent each and snapped three straight sessions of gains, while Thai stocks bounced back in late trade to close more than 0.5 percent higher.
Sentiment in Malaysia was cautious ahead of the general elections on May 9 and as investors weighed in their strategies at the start of a new month, said Nik Ihsan, a technical analyst with Maybank Kim Eng Securities.
Campaigning for the elections began on Saturday, pitting Prime Minister Najib Razak against his former mentor Mahathir Mohamad in a contest marred by claims of sabotage and a skewed electoral system.
CIMB Group Holdings Bhd was the biggest drag, declining 2.2 percent, while Malayan Banking dropped 1.1 percent.
In the Philippines, financials and industrials were the top losers. Blue chips JG Summit Holdings and Ayala Corp fell 5.2 percent and 3.7 percent, respectively.
Philippine annual inflation likely moved further away from the central bank's comfort range of 2 percent-4 percent in April due to higher oil, electricity and rice prices, a Reuters poll showed.
In Thailand, energy stocks were the top performers. Oil and gas company PTT Pcl was the biggest contributor to the benchmark, rising 0.9 percent.
Oil recovered some ground after the previous day's slide, helped by concerns about possible renewed US sanctions on major exporter Iran although price gains were capped by rising US supply.
Among other Southeast Asian stock markets, Vietnam dropped 2 percent, marking its fourth session of fall in seven.
A sharp plunge in the stock market over the past two weeks is primarily due to investors taking profits after a massive rally and the correction will therefore be short-lived, analysts said last week.
Indonesian shares came off early falls to close 0.3 percent higher. Financials led the gains, with Bank Central Asia rising 3.6 percent.
Indonesia's annual inflation rate in April was nearly the same as in March and remained within the central bank's target range, the statistics bureau said, but was below expectations in a Reuters poll.
An index of the country's 45 most liquid stocks rose 0.6 percent.
Southeast Asian stock markets were closed on Tuesday for a holiday.
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