SHANGHAI-CHINA: Asian markets were mostly lower Monday, as mainland Chinese shares sank to a 20-month low on heavy selling by investors disappointed over a lack of new market-boosting measures.

That, along with a rebound in oil prices, help to drag down stocks in Hong Kong, Taiwan, South Korea and Singapore.
However in Tokyo, the region's biggest market, the benchmark Nikkei 225 index added 1.1 per cent to close at 13,165.45, as real estate and bank issues climbed.

Mitsubishi UFJ Financial Group gained 3.3 per cent. Sumitomo Mitsui Financial Group added 2.49 per cent. After the markets closed, MUFG said UnionBanCal had agreed to a share price of US$73.50 for the 35 per cent of the US bank that Mitsubishi UFJ doesn't own. The deal is worth about US$3.5 billion.

Major bank stocks had lost ground last week, sapped by lethargic earnings and rising credit costs following recent bankruptcies among midsize real estate firms.

A relatively strong dollar against the yen boosted most major exporters, including Toyota Motor Corp., Sony Corp. and Canon Inc.

Top property developer Mitsui Fudosan Co. rose 2.2 per cent. The benchmark index in Australia was the only other major stock measure to gain, eking out a rise of less than 0.1 per cent.

Throughout most of the region worries over the global economic outlook and a rebound in oil prices helped pull share prices lower.

Hong Kong's blue chip Hang Seng Index fell 1.1 percent to close at 20,930.67 in weak trading. ``We're trying to find the bottom,'' said Alex Tang, head of research at Core Pacific-Yamaichi. ``How far it will go is anybody's guess.''
Most sectors suffered losses. Foxconn International Holdings, the leading contract mobile phone maker, plunged 24.06 percent after issuing a profit warning last week.

Retail goods and textile exporter Li & Fung lost 0.21 per cent on worries about slumping demand overseas. Upstream producer CNOOC was down 1.87 per cent and Cheung Kong dropped 1.5 per cent.