Asian stocks open negative

Asian stocks tumbled, extending a global rout, as signs the global recession is deepening drove down oil prices and heightened concerns over company earnings.

JFE Holdings slumped 8% on declines in US and European manufacturing. Honda Motor lost almost 8% as domestic sales fell.

Japanese benchmark index Nikkei declined 385.04 points, or 4.59%, to trade at 8,012.18.

Hong Kong`s Hang Seng index fell 735.82 points, or 5.22%, to trade at 13,373.02.

China`s Shanghai Composite slipped 25.69 points, or 1.36%, to trade at 1,868.93.

Taiwan`s Taiex index declined 172.82 points, or 3.82%, to trade at 4,345.61.

South Korea`s Kospi index decreased 27.98 points, or 2.64%, to trade at 1,030.64.

Singapore`s Straits Times slid 31.59 points, or 1.87%, to trade at 1,658.64. (7.48 a.m., IST).