Singapore shares were higher, with container shipping company Neptune Orient Lines Ltd (NOL) and commodities firm Olam International Ltd among the biggest gainers.
The Straits Times Index rose 0.3 percent to 3,056.27, while MSCI index of Asia-Pacific shares outside Japan gained 0.8 percent.
NOL shares rose as much as 3 percent with more than 24 million shares changed hands, triple the average volume over the past 30 days, on hopes other carriers will follow industry leader A.P. Moller-Maersk in cutting more capacity to stem falling rates.
Olam shares gained as much as 3.6 percent on volume of 14.4 million shares, 1.2 times the average full-day volume over the past 30 days. Olam said it had priced its planned issue of S$400 million fixed rate notes due 2022 at 6 percent per annum.
Proceeds will be used for various purposes including financing capital expenditure and potential acquisition opportunities, the company said.
Shares of YHM Group Ltd surged 75 percent, extending gains after it said "it is in discussions with a party in relation to a possible transaction involving the shares in the company".
More than 209 million shares were traded, making it the most active stock in the Singapore market on Wednesday.
1300 (0500 GMT) (Reporting by Eveline Danubrata in Singapore; Editing by Anand Basu; email@example.com)
10:44 STOCKS NEWS SINGAPORE-DBS raises target on STX OSV to S$2.10
DBS Vickers increased its target on offshore vessel builder STX OSV Holdings to S$2.10 from S$2.00 and maintained its 'buy' rating, after raising its 2012 fiscal year order win forecast by 10 percent to 11 billion Norwegian krones ($1.9 billion).
STX OSV shares were up 0.6 percent at S$1.595 on Wednesday. The stock has increased 37.5 percent so far this year versus the 29 percent gain in the FT ST Midcap Index.
"We like STX OSV for its undemanding valuation, its market leading position as a builder/designer of large complex and highly customised OSVs (offshore support vessels), and its strong execution track record," DBS said.
STX OSV is well positioned to capitalise on the tight capacity in Brazil, supporting growth in its order intake for 2013 and 2014 fiscal years, DBS said, adding that it believes the downside is limited on the possible stake sale by STX OSV's parent company.
South Korea's STX Corp chose Italian ship builder Fincantieri SpA as the preferred bidder for its controlling stake in STX OSV, a spokesman for STX said in August.
1037 (0237 GMT)
(Reporting by Eveline Danubrata in Singapore; Editing by Anupama Dwivedi; firstname.lastname@example.org) ($1 = 5.6752 Norwegian krones)