Asian stocks open on a positive note

Asian stocks rose as speculation slumping oil prices will reduce energy costs and spur consumer spending countered a retreat by mining companies and energy producers.

Sony and Korea Electric Power gained more than 2% after oil fell below USD 44 a barrel and Merrill Lynch & Co. said prices may dive further. Inpex Corp tumbled more than 5%.

Japanese benchmark index Nikkei advanced 63.83 points, or 0.81%, to trade at 7,988.07.

Hong Kong`s Hang Seng index climbed 209.14 points, or 1.55%, to trade at 13,718.92.

China`s Shanghai Composite declined 11.66 points, or 0.58%, to trade at 1,989.85.

Taiwan`s Taiex index fell 28.57 points, or 0.67%, to trade at 4,226.39.

South Korea`s Kospi index rose 17.32 points, or 1.72%, to trade at 1,023.86.

Singapore`s Straits Times gained 16.39 points, or 1%, to trade at 1,660.07. (7.47 a.m., IST).