Asian stocks slide, STI opens high

SINGAPORE - Singapore stocks opened higher, even as most Asian markets fell as concerns about an Opec deal weighed on energy producers.

The Straits Times index was up 10.65 points or 0.37 per cent at 2,869.98, as Wall Street ended high on Friday on optimism about stronger US growth following the presidential election, and hope that the US economy will be able to cope with higher borrowing costs.

Some 78.5 million shares worth S$87.5 million changed hands, with gainers outnumbering losers 74 to 62. Keppel Corp, Wilmar international and DBS Bank were on the move.

Australia's S&P/ASX 200 Index slid 0.3 per cent, weighed down by energy shares, while New Zealand's S&P/NZX 50 Index advanced 0.2 per cent and South Korea's Kospi index dropped 0.2 per cent.

Japanese shares dropped, snapping an 11-day rally, as crude oil prices slumped and the yen strengthened. The benchmark Topix index declined from its January high after climbing Friday to its highest level since the Bank of Japan introduced negative interest rates in January. The Topix dropped 0.3 per cent, while the Nikkei 225 Stock Average snapped a seven-day advance, declining 0.4 per cent.