Asian markets open negative

Asian stocks fell, led by financial, mining and shipping companies, as investors said yesterday`s rally was overdone given the prospects for slowing global growth.

Mitsubishi UFJ Financial Group dropped more than 2.5% as analysts predicted larger writedowns at Lehman Brothers Holdings.

Financial stocks yesterday, Monday, rose the most in 10 years after the US government took control of Fannie Mae and Freddie Mac. BHP Billiton, the world`s largest mining company, slid after gold declined. Mitsui O.S.K. Lines, Japan`s largest operator of iron-ore ships, lost more than 5% as shipping rates fell.

Japanese benchmark index Nikkei dropped 185.43 points, or 1.47%, to trade at 12,439.03.

Hong Kong`s Hang Seng index fell 384.73 points, or 1.85%, to trade at 20,409.54.

China`s Shanghai Composite rose 5.75 points, or 0.27%, to trade at 2,149.17.

Taiwan`s Taiex index dropped 185.08 points, or 2.78%, to trade at 6,473.61.

South Korea`s Kospi index declined 21.20 points, or 1.44%, to trade at 1,455.45.

Singapore`s Straits Times lost 41.69 points, or 1.55%, to trade at 2,655.34. (7.58 a.m., IST)