Kuala Lumpur surged 4 per cent, lifted by recapitalisation plans for 10 financial institutions, and Bangkok rose 0.8 per cent on short-term speculation. Jakarta dipped 1.2 per cent as a stronger rupiah depressed dual-listed dollar-denominated counters and concerns over the financial health of Taiwanese companies pus hed down Taipei 1.3 per cent. Manila gained 0.3 per cent on late bargain-hunting.

The bourses in Hong Kong and Seoul were closed for public holidays. Regional markets witnessed widespread selling the previous day on disappointment over the failure of the Group of Seven industrial powers and the International Monetary Fund at week-end meetings inWashington to spell out concrete plans to lift Asia out of recession.

Wall Street blue chips fell 0.75 per cent, with the Dow Jones Industrial Average falling 58.45 points to 7,726.24, offering no comfort to Asian investors.

On Tuesday, Singapore share prices closed higher in largely quiet trade amid the absence of new developments.

``Overall, investors are staying on the sidelines,'' said a dealer with a local brokerage here, adding that the closure of the Hong Kong market for a holiday thinned turnover. The Straits Times Index rose 7.62 points to 891.48, while the broader All-Singapore index rose 5.03 points to 276.57.

There was still lingering disappointment in the market over the lack of concrete policies by the Group of Seven industrialized countries against a global recession, a dealer with a European-based brokerage said. Tokyo share prices closed 0.6 per cent higher on bargain-hunting amid hopes of extra economic stimulus after the previous day's tumble to near 13-year lows, brokers said.