UPDATE:Asian Shares Mixed;Tokyo Techs Dn, China Ppty Cos Up

SINGAPORE -- Asian share markets were mixed Monday with technology stocks in Japan tracking drops in their U.S. counterparts on Friday but property plays racing ahead in China.

Japan's Nikkei 225 was down 0.6% with Australia's S&P/ASX 200 down 0.8% and South Korea's Kospi Composite off 0.2%. Hong Kong's Hang Seng was 0.4% higher and the Shanghai Composite Index had gained 1.3%. Taiwan shares were up 0.4% and New Zealand's NZX-50 was 0.3% higher.

"The market just looks a little tired," said RBS Head of Sydney Sales Justin Gallagher. "Wall Street seems to be taking the view the good news is priced in, so the consolidation everyone has been calling for looks like it's coming. But I'm still pretty comfortable with it."

Technology shares were weaker in Tokyo as International Business Machines fell 5.0% in the U.S. on Friday after it indicated businesses were still reluctant to resume spending. Sony fell 1.1% and TDK was off 1.9% in Tokyo. Samsung Electronics was down 1.6% in Seoul, though Hynix had turned higher, up 0.5%, and LG Electronics was up 2.7%.

JAL gained 8.9% to Y110.00 in Tokyo, even as doubts continued about its restructuring plan. The Nikkei reported in its Sunday edition that the three megabanks that had lent heavily to JAL had decided the Transport Ministry's rehabilitation plan was unacceptable, though the Sankei Shimbun said on the weekend the government was set to now bail the carrier out.

JAL shares dropped 11.0% on Friday, touching an all-time low of Y100.

China property shares were outperforming on better-than-expected property sales and hopes for strong earnings. China Vanke rose 4.4%, Gemdale gained 4.0% and Poly Real Estate advanced 3.3%.

"(It now appears) property developers' third-quarter earnings will be better than the market had anticipated, which led to fund managers actively adding positions in the sector," said Huatai Securities analyst Chen Huiqin.

Financial stocks were falling in Sydney and Hong Kong, with ANZ off 3.1% and National Bank of Australia down 2.3%, plus ICBC down 0.7% and Bank of China off 0.7%.

Oil stocks were outperforming in Hong Kong with PetroChina up 1.4% after November Nymex crude futures settled up 1.2% at $78.53 per barrel in New York on Friday, and added another 25 cents in Globex trade on Monday. Cnooc gained 2.7%, also supported by news of its talks with Norway's StatoilHydro for a few leases in the Gulf of Mexico.

But energy stocks were dragging in Sydney after Oil Search flagged a capital raising following the shock termination of a proposed deal with Abu Dhabi-based International Petroleum Investment Co. Woodside was down 0.5% and Santos fell 1.3%, while Oil Search was on a trading halt.

In Korea, Ssangyong Motor shot up 15.0% after the company said Sunday it would reorganize its product portfolio, focusing on small and mid-size sport utility vehicles as part of a turnaround effort within the next three years.

New Straits Times Press fell 15.0% in Malaysia as the shares resumed trade after news that Media Prime was offering to take the company private via a share swap. Media Prime nudged up 0.6%.

Singapore shares were down 0.2% while Thailand shares rose 0.3%. Malaysia shares gained 0.2% and stocks in the Philippines rose 0.4%, but Indonesia stocks fell 0.5%. India markets were closed.

The Japanese yen was bid higher in currency markets, as a safe-haven play as Tokyo stocks slipped. The U.S. dollar was down at Y90.84, from an early-Asia high of Y91.13, with the euro at Y135.12, from Y135.91 earlier. The single currency was at $1.4875 against the U.S. dollar, from $1.4901 initially in Asian trade.

The Australian dollar was on the rise after Reserve Bank of Australia assistant governor Phil Lowe said the central bank expects a higher average exchange rate in future. The currency rose from around US$0.9120 to US$0.9180 recently.

Further broad U.S. dollar weakness could be in store this week, said Bank of NZ strategist Mike Jones. "The trend recovery in global growth and risk appetite looks set to continue and sustained gains in U.S. interest rates remain some way off yet."

Lead December Japanese government bond futures were down 0.03 at 138.85 points before an auction of 20-year notes Tuesday. The 10-year note yield was one basis point higher at 1.335%.

Spot gold was down $1.20 from New York's Friday levels, at $1,051.60 a troy ounce.

HSBC analyst James Steel said the gold market was concerned about a lack of jewelry demand from India. "While gold has largely taken its cue from dollar movements, high prices have undermined retail demand for bullion over the past 12 months. Based on our conversations with merchants in India, we believe physical demand for gold picked up only modestly ahead of the Deepavali festival, which is traditionally a time of gold gift-giving."

LME three-month copper was up $25 from Friday's kerb, at $6,250 a metric ton.