Asian markets in the red

Asian stocks declined, as the global recession hurt company earnings and forced share sales to bolster balance sheets.

Nomura Holdings fell more than 8.5%. PetroChina declined more than 4%. Baoshan Iron & Steel Codecreased more than 2%.

Japanese benchmark index Nikkei fell 191.66 points, or 2.60%, to trade at 7,184.50.

Hong Kong`s Hang Seng index declined 479.47 points, or 3.64%, to trade at 12,695.63.

China`s Shanghai Composite dropped 55.03 points, or 2.39%, to trade at 2,250.75.

Taiwan`s Taiex index decreased 59.59 points, or 1.33%, to trade at 4,418.19.

South Korea`s Kospi index slipped 85.08 points, or 3.68%, to trade at 2,230.02.

Singapore`s Straits Times declined 36.69 points, or 2.25%, to trade at 1,594. (8.54 a.m., IST)