Philippine shares fell nearly 1 percent on Tuesday on continued window dressing ahead of key corporate earnings this week, while Vietnam hit a fresh nine-year high with material and energy stocks leading the gains.
Most other Southeast Asian markets were subdued in lacklustre trade ahead of the release of a clutch of global economic data.
The Philippine Stock Exchange PSEI Index was headed for a second straight session of fall with financials and industrials leading the broad-based decline.
The index was down on Monday because of month-end window dressing, and it is a continuation of that move on Tuesday, said Joseph Roxas, president of Manila-based Eagle Equities Inc.
On a technical basis, the failure to convincingly break the old high of 8,046-8,048 is the reason for the index going a little lower, Roxas added.
Index heavyweight SM Prime Holdings Inc fell 2 percent, while telecom company PLDT Inc declined 1 percent ahead of its quarterly results due later in the day.
"I think there is some anticipation about second-quarter results which are due anytime. One of the heavyweights is of course PLDT and expectations are not good for that," said Roxas.
Thai shares edged down, with financials losing the most. Siam Commercial Bank PCL fell 0.7 percent, heading for a third session of drop.
Indonesian shares slipped with consumer and industrial stocks leading the drop, after data showed factory output contracted again in July.
Vietnam shares rose as much as 0.4 percent to their highest in nine years, bolstered by gains in material and energy stocks.
Factory output in Vietnam expanded in July again, though at a slower pace than in the previous month, according to the Nikkei Vietnam Purchasing Managers' Index.
Hoa Phat Group JSC gained 1.2 percent, while Petrovietnam Gas Joint Stock Corp rose 1.1 percent.
Malaysian shares gained as much as 0.5 percent, with financials and consumer cyclicals leading the gains.
Malaysia's manufacturing activity contracted in July on the back of weaker output and new orders, though the rate of contraction was slower than in June.