Asian stocks open negative

Asian stocks fell for the first time this week after a USD 14 billion US automaker bailout ran into opposition in the Congress, raising concern the recession will deepen in the world`s biggest economy.

Toyota Motor which makes more than a third of its sales in North America slid more than 1.5% and Hyundai Motor dropped 2% as Senate Republicans yesterday voiced opposition to a rescue for General Motors Corp. and Chrysler LLC.

Japanese benchmark index Nikkei decreased 68.97 points, or 0.80%, to trade at 8,591.27.

Hong Kong`s Hang Seng index slipped 165.40 points, or 1.06%, to trade at 15,412.34.

China`s Shanghai Composite declined 6.40 points, or 0.31%, to trade at 2,072.72.

Taiwan`s Taiex index slid 1.38 points, or 0.03%, to trade at 4,657.49.

South Korea`s Kospi index climbed 5.05 points, or 0.44%, to trade at 1,150.92.

Singapore`s Straits Times fell 22.40 points, or 1.23%, to trade at 1,799.30. (8.08 a.m., IST)