Southeast Asian stocks were mostly steady as record oil prices boosted energy plays such as Singapore Petroleum but fears of a global slowdown continued to weigh on blue chips across the region.

Transactions at the Philippine Dealing System reached a record high of $1.015 billion yesterday as the peso hit a high of 40.33 to the US dollar. The peso opened at 40.45 and closed at the day's high of 40.33, up from Tuesday's close of 40.47.

Singapore's benchmark index closed 0.54 percent higher to a one-month high. Philippine stocks rose 0.83 percent, Malaysian stocks edged up 0.09 percent and Indonesian stocks were up 0.05 percent.

Vietnam stocks fell 0.93 percent and Thai stocks were down 0.32 percent.

"Across the region was mostly higher because of the gains in the US," said Malcolm Wood, a regional strategist at Morgan Stanley.

US stocks rose for a third day on Tuesday as technology companies gained on IBM's plans to buy back $15 billion of its shares and the energy sector advanced.

The Philippine Stock Exchange index (PSEi) closed at 3,105 points, a 25.64 point increase. Trading turnover reached 1.218 billion for P2.847 billion.

Traders said the sober note of the Catholic Bishops Conference of the Philippines also added some momentum to stock buying yesterday, as it eased concerns of a possible church-led move to oust President Arroyo.

Philippine Long Distance Telephone Co. went up P20 to P2,895. Megaworld Corp. went up P0.22 to P2.32. SM Investments Corp. shed P5 to P285. ABS-CBN Holdings Corp. PDR meanwhile was down P0.50 to P27.50. Ayala Corp. was steady at P432.50.