Sydney gained 1.2 per cent on the back of New York and Tokyo. Singapore fell 1.9 per cent and Kuala Lumpur dropped 0.2 per cent. The day's biggest loser among regional bourses was Seoul, where nervousness over the Russian economic measures caused a sell-off. Elsewhere, jitters remained over the knock-on effects of Monday's de facto devaluation of the ruble on battered Asian currencies.

The markets shrugged off US President Bill Clinton's confession in a globally televised speech that he had an inappropriate relationship with former White House intern Monica Lewinsky. Wall Street blue chip stocks rose 1.78 per cent Monday, as investors hoped Clinton's testimony in the sex-and-lies scandal would end the controversy hampering his presidency.

In Tokyo, share prices rose 1.8 per cent Tuesday on short covering following the advance on Wall Street and the yen's firmness against the dollar, brokers said.

Investors were also heartened by the fact that the devaluation of the Russian ruble had little impact on the New York stock market.

"When the yen is firmer, short-covering in financials, banks in particular, emerges," one broker said. "Financials have been following the trend of the yen recently."

He added, "As Russia's rouble was devalued, some investors tend to think that now is the (Chinese) yuan's turn which, if it happens, may deepen the Asian crisis."

The 225-issue Nikkei Stock Average rose 269.13 points to end at 15,063.79 while the Topix index of all issues on the first section of the Tokyo Stock Exchange was up 14.69 points at 1,166.72.

Hong Kong: Hong Kong stocks ended the day 0.2 per cent down, after trading in a narrow range with speculators wary after government intervention last week, dealers said. The key Hang Seng Index finished 13.77 points lower at 7,210.92 points, reopening after a long week-end.

Turnover at 5.2 billion Hong Kong dollars ($672 million) was sharply down against the 8.5 billion dollars traded Friday, the day the government waded into the market in an unprecedented move to "hurt" speculators.

Those speculators were largely taking a wait-and-see attitude on Tuesday, said Alex Tang, research director at Yamaichi Securities.

"They want to find out whether they are going to see any more government action," he said.

Acting Financial Secretary Rafael Hui said speculation against the local currency was continuing but further intervention depended on the Hong Kong Monetary Authority (HKMA), the de facto central bank.

On Friday, the government took the unprecedented step of ploughing part of its massive Exchange Fund reserves into the stock, futures and options markets in a bid to counter speculators.

Singapore: Singapore stock prices ended 1.9 per cent lower, dogged by bearish sentiment prevailing in regional Financial markets. "Everybody is apprehensive and there seems to be little or no buying sentiment because currencies are weak and there is really nothing in the region to bring any cheer," a Chief dealer at a local brokerage said.

The benchmark Straits Times Industrials index of the Stock Exchange of Singapore fell 17.87 points to 927.62 while the broader All-Singapore index was up 1.48 points to 278.92.

Kuala Lumpur: Malaysia's key stock index fell 0.2 percent due to selling by foreign investors amid jitters over the de facto devaluation of the Russian ruble. "Foreigners are still selling index-linked stocks but support from local institutions absorbed losses," an institutional dealer with a local brokerage said.

The Kuala Lumpur Stock Exchange's 100-share weighted composite index lost 0.58 points to end at 315.66 while the lesser second board index shed 0.75 points, or 1.0 per cent, to 75.64.

"The overall (market) outlook is still bearish. There is obviously no incentive for investors to buy for the long term," a research manager at a local brokerage said.

Bangkok: Thai shares rose 0.2 per cent as investors picked out bargains following recent falls, with banks and finance issues enjoying limited gains, analysts said. Analysts said the day was characterised by thin trade and an absence of significant foreign interest as market players remained hesitant about a range of domestic and external developments.

"Generally the market was very quiet, the index moved within a very narrow range and investors were reluctant to get involved," Bookclub Securities analyst Thanade J Mahaphokai said. The Stock Exchange of Thailand (SET) composite index firmed 0.44 points to finish at 235.68, while the SET 50 selected index rose 0.05 points to 15.97.

Seoul: South Korean shares fell 3.5 per cent to below the key 300-point level on concerns over Russia's de facto devaluation of the ruble and partial moratorium on foreign debt payments.

"Foreigners increased selling in the afternoon, pulling the index lower, although local institutions turned net buyers," a dealer said.