UPDATE: Asian Shares Mostly Higher;Fund-Raising Curbs Tokyo

SINGAPORE -- Asian shares traded mostly higher Monday with gold stocks leading in Sydney as the precious metal hit another record high, but chatter about potential capital raisings in Tokyo limited gains in that market.

Japan's Nikkei 225 was up 0.2% with Australia's S&P/ASX 200 up 0.9% and South Korea's Kospi Composite up 0.2%. Hong Kong's Hang Seng Index added 1.6%, while China's Shanghai Composite Index advanced 2.2% futures were 53 points higher in screen trade.

Japan's market didn't find much traction despite gross domestic product data for the third quarter rising 1.2% on the quarter, faster than the 0.6% tipped in a poll of economists, as talk of capital raisings was curbing gains.

"GDP is particularly important for medium- and long-term investors, but the stock market now is mostly moved by short-term players," such as brokerage dealers, hedge funds and individuals trading online, Tokai Tokyo Securities market analyst Seiichi Suzuki said, adding, for them, further short-term negatives, such as dilution concerns due to capital-raising plans are more salient.

Mitsubishi UFJ Financial Group was down 4.3% after a person familiar with the matter said it was considering raising capital of Y1 trillion by issuing common shares. If the offering goes ahead, the capital boost would be one of the biggest share sales by a Japanese financial institution. The news weighed on other financial plays, with SMFG down 3.7% and Mizuho Financial Group losing 2.2%.

Hitachi was 8.5% lower on the company's plan to raise up to Y415.67 billion from an issuance of new shares and convertible bonds to fund capital outlays and pay back its loans. The news triggered profit-taking in other chip shares, sending Elpida down 3.3% and Toshiba down 4.8%.

In Taiwan, Chi Mei Optoelectronics jumped 6.9% on news Saturday that Taiwan's Innolux Display -- the world's largest flat-panel monitor maker -- would buy Taiwan's No. 2 flat-screen producer, in an all-share deal worth $5.3 billion. Innolux added 1.2%. Chunghwa Picture Tubes rose 7.0% on hopes it may also be an acquisition target.

"The consolidation is positive news for the LCD industry as it will help stabilize panel prices," said Capital Securities trader Diana Wu. "The merger will also help Taiwanese flat-panel makers compete against their Korean rivals," Wu said.

Resource shares were driving Australia's market up, as base and precious metals continued to gain. Spot gold hit $1,123.50 per troy ounce in Asian hours, a rise of $5.00 from the New York close.

"What's good for gold is always good for Australia," said Citigroup's Graham Harman. BHP Billiton was up 1.9% with Rio Tinto up 2.5% and Lihir Gold rising 3.3%. Sino Gold's Australian-listed shares added 3.5%, while its Hong Kong-listed stock rose 4.0%.

Elsewhere, AXA Asia Pacific was 3.1% higher in Sydney after the Sydney Morning Herald reported AXA SA was considering adding a sweetener to its joint offer for AXA APH with AMP. AMP was up 1.9%.

China's shares outperformed the region, led by gains in renewable energy plays.

"The U.S. President's visit is driving speculative funds to the renewable energy and low carbon emission sectors as the topic of climate change is put at the top of Obama's agenda during his (Nov. 15-18) visit," said Hu Jiamin at CSC International Holdings.

Mainland-listed Sichuan Chuantou Energy added 2.0%, while in Hong Kong, wind and solar concern Hong Kong Energy added 11.5%.

Strength in the Korean won was crimping shares of exporters in Korea, with the U.S. dollar briefly falling to its lowest level this year against the won, at KRW1,154.3. Hyundai Motor was down 1.0% and LG Electronics shed 0.5%.

Among other markets, New Zealand's NZX-50 rose 0.3%, Singapore's Straits Times Index added 1.8%, Taiwan's Taiex advanced 1.5%, Malaysia's KLCI gained 0.4%, Indonesian shares were 1.0% higher and Thai shares tacked on 0.4%. Bucking the trend, Philippine shares shed 1.0% on profit-taking in mining plays.

In currency markets the euro was higher against the U.S. dollar and Japanese yen, and within narrow ranges. The single currency was at $1.4955, from $1.4926 in New York on Friday, and at Y134.08, from Y133.79. Against the yen, the U.S. dollar was steady at Y89.63 from Y89.65.

ANZ Bank senior dealer Alex Sinton expected the U.S. dollar to fall more. "It's a continuation of past trends and current problems. Bets against the U.S. dollar are still increasing."

Japanese government bond futures were lower, with the lead futures contract off 0.01 at 138.87 points.

Front-month Nymex crude oil futures were 58 cents higher on Globex at $76.93 a barrel, after slipping 59 cents Friday in New York.

Still, Jim Ritterbusch, president of trading advisory firm Ritterbusch & Associates, said crude may not have found its floor and a more decisive run at the $75 mark was expected this week, with the oil market affected by continued weakness in U.S. demand.

The three-month London Metals Exchange copper futures contract was at $6,640 per ton, up $121 from the London kerb in very strong volume with nearly 2,000 lots traded so far, while aluminum was at $1,962 per ton, up $17.