Asian stocks open on a negative note

Asian stocks fell, led by mining and finance companies, on renewed concern the global recession will weigh on earnings.

Daiwa Securities Group slipped almost 5.5% after writing down the value of its securities holdings. Inpex Corp sank almost 3% after crude oil futures dropped.

Japanese benchmark index Nikkei fell 138.29 points, or 1.57%, to trade at 8,694.56.

China`s Shanghai Composite declined 11.07 points, or 0.45%, to trade at 2,428.12.

Taiwan`s Taiex index gained 18.62 points, or 0.33%, to trade at 5,595.47.

South Korea`s Kospi index slipped 14.56 points, or 1.12%, to trade at 1,285.54.

Singapore`s Straits Times slid 19.01 points, or 1.05%, to trade at 1,783.38. (7.46 a.m., IST)

Hong Kong`s Hang Seng index fell 491.68 points, or 3.29%, to trade at 14,437.29.(8.52 a.m., IST)