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Asia stocks mixed after US payrolls; Hong Kong protests continue

Asian equities were mixed on Monday in holiday-thinned trade following a better-than-expected U.S. jobs report last week.

Markets in China, Singapore, Malaysia, India and Indonesia were closed for a public holiday.

On Friday, U.S. indices jumped more than 1 percent after data showed the jobless rate falling to 5.9 percent in September and companies adding 248,000 in payrolls. Despite beating estimates, the report didn't warrant much excitement, analysts warned.

"The average hours worked was still well below the historical average, showing part-time work is more prevalent than full-time. The labor market still has plenty of slack in it. The strong employment numbers mean the economy is moving, but it's not so strong that the Fed would jump the gun with moving rates," said Evan Lucas, market strategist at IG.

Read MoreCentral banks key to Asia markets this week

Hong Kong's political tensions eased on Monday as civil servants passed through protesters barricades to attend work at government offices while certain banks also resumed business. Over the weekend, clashes broke out in the Mong Kok area with protest camps under attack by men in opposition to the democracy movement.

Symbol
Name
Price
 
Change
%Change
NIKKEI
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HSI
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ASX 200
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SHANGHAI
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KOSPI
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CNBC 100
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Nikkei 1.1% higher

Japan's benchmark Nikkei index extended gains into a second session as a weaker yen boosted exporters. The currency traded in sight of a six-year low of 110 against the greenback. The Bank of Japan (BOJ) begins a two-day policy meeting later today with a decision due on Tuesday. No action is expected, according to a Reuters poll.

Read MoreAt least one dead as typhoon lashes Japan

Fujifilm rallied 3 percent after its Avigan treatment was successfully administered to a patient diagnosed with the Ebola virus.

Carmakers Toyota Motor rose 1.5 percent while Honda Motor jumped 2 percent each despite announcing factory closures as Typhoon Phanfone hits central Japan. Over the weekend, the storm killed one person in Okinawa.

Hang Seng up 1%

Hong Kong's benchmark Hang Seng Index rose above the 23,000 level, retreating from a four-month low of 22,565 points briefly hit on Friday.

Casino shares led the gains as investors went bargain hunting following several sessions of declines; Sands China surged over 6 percent and Galaxy Entertainment rose over 5 percent.

Meanwhile, the Hong Kong dollar moved off a two-year low against the greenback hit last Monday.

Read MoreLive Blog: Hong Kong protests prepare for crackdown

ASX slips 0.5%

Australia's benchmark S&P ASX 200 index declined in quiet trade with most states in the country shut for a national holiday.

BHP Billiton dropped over 2 percent after announcing plans to cut iron ore production costs by more than 25 percent. Other miners suffered as iron ore prices hovered near five-year lows. Rio Tinto lost 2 percent and Fortescue Metals tumbled over 4 percent.

Read MoreHave the Aussie dollar bears won the argument?

Kospi 0.4% lower

South Korean shares reversed gains, retreating from a six-day high hit earlier in the day, as weak data released before the market open weighed on sentiment. The country's foreign-exchange reserves fell for a second straight month in September.

Among large-cap stocks, steelmaker Posco underperformed with a near 3 percent loss.