Most Southeast Asian stock markets weakened on Wednesday, with the Philippines slipping more than 1 percent and Vietnam pulling away from a near decade high, as a slide in global equities and oil prices spurred risk aversion.

Broader Asian shares edged down, tracking overnight losses on Wall Street, after oil prices took a beating on weak demand outlook.

The International Energy Agency on Tuesday cut its oil demand growth forecast for the year and next, implying that the world oil consumption may not, as many expect, breach 100 million barrels per day next year, while supplies are likely to exceed that level.

"Sliding equities on both sides of the Atlantic suggest that risk appetite continues to dissipate led by the buckle in Oil prices," said Mizuho Bank in a research note.

Singapore shares edged 0.8 percent lower, with financials and industrials accounting for the losses.

The city-state's biggest lender DBS Group Holdings Ltd fell 0.9 percent, while conglomerate Jardine Matheson Holdings Ltd dropped 2.3 percent.

The Vietnamese index fell 0.4 percent, snapping an eight-session gaining streak that lifted the index to its  highest close in nearly 10 years in the previous session.

Real estate developer Vincom Retail Joint Stock Co fell 5.6 percent and was among the top drags on the index.

Philippine shares shed 1.1 percent, dragged by industrials, with SM Investments Corp down 2.8 percent, and JG Summit Holdings losing 3.3 percent.

Thai shares slumped 0.3 percent, with energy stocks leading the losses. Gas and petroleum distributor PTT Public Co Ltd down 1 percent, was the biggest drag.

In contrast to the broader trend, Indonesian shares climbed about 0.1 percent, with Bank Central Asia Tbk up 1.2 percent.

"The third-quarter cumulative non-tax revenue soared close to 40 percent, and that was driven by commodities, natural resources," said Taye Shim, head of research at Mirae Asset Sekuritas, Indonesia.

The index of the 45 most liquid stocks in Indonesia rose 0.3 percent.

Indonesia posted a trade surplus for a third straight month in October, the statistics bureau said on Wednesday, as improved demand for commodities underpinned exports from Southeast Asia's biggest economy.