Australia shares fell nearly 0.7% on Monday, driven lower by mining heavyweights, though strong performances among technology stocks helped limit losses ahead of a monetary policy meeting by the Reserve Bank of Australia this week.

The S&P/ASX 200 index was down 41.1 points at 6,950.8 points, as of 1230 GMT. The benchmark closed 2.2% higher on Friday.

The mining sub-index led the losses in the benchmark, slumping as much as 1.7% in early trade, despite a surge in iron ore prices. Heavyweights Rio Tinto Ltd and rival Fortescue Metals Group dropped 2.7% and 0.4%, respectively.

BHP Group's unification of its dual listing stricture became effective earlier in the day, sending shares of the global miner down 2.3%.

Australia shares to bounce back, NZ up

A Reuters poll showed that the country's central bank will end its bond-buying programme on Tuesday, but is expected to wait until November before it responds to inflationary risks with its first interest rate rise in over a decade.

The last time the central bank raised rates was in November 2010, when it lifted rates to 4.75%.

Energy stocks slipped 0.4%, while healthcare stocks also took a beating by dropping around 0.8%.

The heavyweight financials sub-index fell 1%, with the "Big Four" banks dropping as much as between 0.9% and 2%.

Medical glove maker Ansell Ltd plunged as much as 24% after the company slashed its full-year EPS outlook due to supply chain disruptions.

Bucking the sombre mood, information technology firms gained as much as 2.7% to notch their biggest intraday percentage gain since Jan. 12, taking cues from a strong Nasdaq finish in the previous session.

Software firm Xero Ltd and Computershare Ltd rose between 0.9% and 2.5%.

New Zealand's benchmark S&P/NZX 50 index climbed 0.9%, or 106.62 points, to 11,959.14.