Asian markets open in negative

Asian stocks declined as indication of a deepening world recession raised concern profits will shrink at companies from coal manufacturers to electronics makers.

Posco fell more than 2.5% after the Nikkei newspaper said Toyota Motor will ask for discounted steel prices. Sony slipped more than 3.5% after Credit Suisse Group decreased its rating.

Japanese benchmark index Nikkei fell 379.65 points, or 4.61%, to trade at 8,615.52.

Hong Kong`s Hang Seng index declined 605.10 points, or 4.10%, to trade at 15,363.49.

China`s Shanghai Composite slipped 23.29 points, or 1.19%, to trade at 1,977.50.

Taiwan`s Taiex index decreased 172.74 points, or 3.85%, to trade at 4,654.01.

South Korea`s Kospi index dropped 52.42 points, or 4.75%, to trade at 1,156.24.

Singapore`s Straits Times slipped 45.14 points, or 2.59%, to trade at 1,785.48. (7.41 a.m., IST)