TOKYO -- Asian stock markets were mixed Thursday as investors in the region looked beyond recent rises on Wall Street, which many view as technical gains.

Tokyo, Hong Kong and Singapore lost ground while Sydney and Seoul were among the major gainers in a subdued day's trading in the region.

Japanese share prices fell 0.4 percent after a slight rise in the yen and as investors took profits in thin holiday trade on Wall Street-inspired gains, AFP quoted dealers as saying.

Tokyo's key Nikkei-225 average lost 34.83 points to close at 9,799.57 off a high of 9,941.01, although the Topix index of all first section shares edged up 2.30 points to 959.98.

"After the Nikkei approached the 10,000 level, Tokyo shares faced selling pressure as investors took profits," said Masayoshi Yano, chief of investment information at Tokai Tokyo Securities.

"Also in the afternoon, the rise of the yen weighed on Tokyo stocks. Despite the overnight rises in New York, Japanese hi-techs became a target of selling in the afternoon due to the shift in forex," he said.

Akira Nakamura, general manager of equity trading at Chuo Securities, said lingering wariness over the long-term trend in U.S. equity markets also continued to weigh on the bourse.

"The primary interest among local investors now seems to be focused on whether there will be actual rate cuts in the U.S.," he said.

Hong Kong: share prices in Hong Kong closed 0.2 percent lower in thin trade amid concerns over the outlook for Wall Street.

The key Hang Seng index shed 15.50 points to close at 9,962.24.

Lippo Securities Associate Director Kitty Chan noted investors remained skeptical about the recent strength on Wall Street, which was seen as having merely posted short-term technical gains.

"Investors are also worried about the us economic outlook... if the U.S. economy continues to slow down, it will hinder the economic recovery in Hong Kong," she said.

Sydney: Australian share prices closed up 0.9 percent, pulled higher by gains in resource and bank stocks.

The main driver was the signing of a $25 billion liquefied natural gas project with China, which Australian Prime Minister John Howard described as the country's largest export deal.

The winning consortium was led by Woodside Petroleum and also involved BHP Billiton.

Singapore: Share prices in Singapore closed 0.5 percent lower on profit-taking as investors ignored a surge on Wall Street.

The Straits Times index fell 7.88 points to end at 1,486.81.

Dealers said investors preferred to trim their holdings ahead of the long weekend and the U.S. Federal Open Market Committee meeting next week. Markets in Singapore closed Friday for a public holiday.

"Next week, investors will come back to the market just before the U.S. Federal Reserve makes its decision on interest rates and many would rather cash in whatever profits (they have) or cut losses, than risk losing even more should wall street take a turn for the worse in the next few days," said a dealer at a local brokerage.