After last week's global rout, Asian markets struggled to hold early gains with analysts warning of further volatility across trading markets.
After a successful 2017 and a January that saw multi-year highs around the world, traders are scurrying to the hills this month as a strong economic outlook healthy corporate earnings and rising inflation have sent borrowing costs surging, mainly in the US.
Hong Kong, which sank more than nine percent last week, was up 0.7 percent in the afternoon before a late sell-off saw it close 0.2 percent lower, though Shanghai closed up 0.8 percent and Singapore rose 0.1 percent.
Seoul gained 0.9 percent, with traders cheered by signs of a thaw in relations between North and South Korea during the Winter Olympics after Kim Jong Un -whose sister attended the opening ceremony in Pyeongchang- invited the South's President Moon Jae-in for a summit in Pyongyang.
Taipei added 0.5 percent and Bangkok 0.3 percent but Sydney eased 0.3 percent and Manila dipped 0.5 percent. Tokyo was closed for a public holiday.
The gains came after a late rally on Wall Street helped all three main indexes end on a positive note Friday, though still well down over the week.
With powerful US economic signals and interest rates most certainly to rise quicker than expected, last week's tumult could be little more than the start of the equity rollercoaster, said Stephen Innes, head of Asia-Pacific trading at OANDA.
”Given all this ruckus started with an uptick in the wage growth component from this month's (US jobs report) release, this week's US inflation data will be a monster of a print.
While the week got off to a positive start, energy firms took another hiding after further recent falls in the price of oil due to rising US production and the spillover from the equity market rout.
Both main contracts were up Monday but they are more than 10 percent down from their highs in January.
Innes added that oil prices could take another hit soon after the head of Russian energy giant Gazprom Neft said last week that producers could adjust their commitments under a Moscow-OPEC output cap deal as soon as next quarter.
Crude oil prices experienced a disastrous week as US production fears materialised on incremental supply and stockpiles, said Avtar Sandhu, an analyst at Phillip Securities Singapore.
Prices will face a tough time as US shale producers look set to take advantage of higher margins.”
On currency markets, the dollar suffered further selling against the safe-haven yen, while the euro and the pound held their gains against the greenback on expectations of higher borrowing costs in Europe and Britain.