Asian shares closed mixed on Monday, paring gains seen earlier as trade returned to the fore after another set of tariffs on U.S. goods were announced by China. The Nikkei 225 pared moderate gains seen earlier to close lower by 0.08 percent, or 17.86 points, at 22,507.32. Gains in the iron and steel as well as telecommunications sectors were offset by declines in most other sectors, including banks and miscellaneous product makers. The broader Topix ended the day down 0.56 percent, with 24 of its 33 subindexes closing in negative territory.

In South Korea, the Kospi slipped 0.05 percent to 2,286.50, with the index also giving up gains seen earlier. Steelmakers ended the day higher, with Posco climbing 2.64 percent while tech names were a mixed picture. Index bellwether Samsung Electronics added 0.11 percent while SK Hynix dropped 4.68 percent. Down Under, the rose 0.61 percent to finish at 6,273, with the materials subindex leading gains as mining majors advanced. BHP was up 2.16 percent and Rio Tinto added 0.63 percent. Over in Hong Kong, the Hang Seng Index rose 0.34 percent by 3:12 p.m. HK/SIN after closing lower for the past five straight sessions. The advance was led by conglomerates before the market close while overall gains were capped by falls in materials and services. Mainland Chinese stocks led losses in the region, with indexes steepening losses in the afternoon. The Shanghai Composite declined 1.26 percent to close at 2,705.84 and the smaller Shenzhen Composite lost 2.08 percent. MSCI's index of shares in Asia Pacific excluding Japan tacked on 0.29 percent in Asia afternoon trade.

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