Asian stocks open mixed

Asian stocks opened mixed on Wednesday. Declines were led by banks and carmakers, as US auto sales plunged and Australia`s economy unexpectedly contracted, fueling concerns the global recession is worsening.

Toyota Motor and Honda Motor fell more than 2% after their US sales tumbled.

Japanese benchmark index Nikkei fell 59.55 points, or 0.82%, to trade at 7,170.17.

Hong Kong`s Hang Seng index gained 44.72 points, or 0.37%, to trade at 12,078.60.

China`s Shanghai Composite advanced 48.31 points, or 2.33%, to trade at 2,119.74.

Taiwan`s Taiex index climbed 70.68 points, or 1.59%, to trade at 4,506.02.

South Korea`s Kospi index rose 7.81points, or 0.76%, to trade at 1,033.38.

Singapore`s Straits Times declined 6.28 points, or 0.41%, to trade at 1,522.23. (8.25 a.m., IST).