Asian markets open negative

Most of the Asian markets declined in the initial session of trade on Friday (July 04), on speculation that rising crude oil prices will reduce companies` profits. Hang Seng and Straits times are trading in positive.

Kansai Electric Power declined the most among power producers after oil prices rose above USD145 a barrel.

Japanese benchmark index Nikkei lost 40.87points, or 0.31%, to trade at 13,224.53.

Hong Kong`s index Hang Seng, advanced 196.19 points, or 0.92% to trade at 21,438.97.

China`s Shanghai Composite lost 1.89 points, or 0.07%, to trade at 2,701.64

Taiwan`s index Taiex lost 29.58 points, or 0.40%, to trade at 7,364.52.

South Korea`s KOSPI declined 11.70 points, or 0.73%, to trade at 1,594.84.

Singapore`s Straits Times rose 10.11 points, or 0.35%, to trade at 2,890.56. (8.15 a.m., IST)