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Friday, July 04, 2008

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)