Jan. 4 (Bloomberg) -- Asian stocks fell, led by Japanese automakers and electronics manufacturers, after a decline in U.S. vehicle sales stoked concern consumer spending in the region's largest export market is faltering.

Nissan Motor Co., Japan's third-largest automaker, plunged the most in six years, and Sony Corp. tumbled, helping send the Topix index to its worst New Year start. Hong Kong's Hang Seng Index rose the most in two weeks, led by PetroChina Co. and Cnooc Ltd. as crude prices climbed.

``Investors are focused on record oil prices and a possible U.S. recession,'' said Nasu Chunsom, who helps manage $1.7 billion at Ayudhya Fund Management Ltd. in Bangkok. ``The region will not be insulated from those two developments.''

The MSCI Asia Pacific Index lost 1.3 percent to 155.47 as of 7:04 p.m. in Tokyo, its biggest drop since Dec. 17. For the week, the benchmark is down 0.5 percent.

Japan's Nikkei 225 Stock Average fell 4 percent to 14,691.41, a 17-month low, at the close of trade. The broader Topix declined 4.3 percent to 1,411.91, its worst performance on the first day of trading since the index was created in 1949.

Japan's markets were shut this week for public holidays and only opened for the morning session today.

All other Asian benchmarks gained apart from New Zealand, Sri Lanka, Thailand and the Philippines. Malaysia's Kuala Lumpur Composite Index advanced 2.2 percent to a record. IOI Corp. led plantation companies higher on rising palm oil prices. India's Sensitive Index added 1.5 percent, also to a high.

Automakers Decline

Nissan, which made about two-thirds of its sales outside of Japan last year, tumbled 9.2 percent to 1,117 yen, the most since September 2001. Toyota Motor Corp., which overtook Ford Motor Co. as the second-largest seller of automobiles in the U.S., fell 4.3 percent to 5,780 yen.

Hyundai Motor Co., South Korea's largest automaker, declined 0.9 percent to 70,400 won.

Americans bought 16.1 million cars and light trucks last year, the least since 1998, automakers including General Motors Corp., Ford and Toyota said yesterday.

``U.S. car sales are an important indicator of consumer spending,'' said Kwak Tai Ho, who helps manage the equivalent of $2.1 billion at Kyobo Investment Trust Management Co. in Seoul. ``That market should see sales of at least 16 million cars a year but probably won't make it in 2008.''

Sony, which counts North America as its biggest market, dropped 6.6 percent to 5,790 yen, its worst retreat since Aug. 17. Nintendo Co., which gets more than a third of its sales from the Americas, slumped 4.9 percent to 63,600 yen, its biggest fall in two months.

Japan's Currency

A stronger yen also threatened to decrease the value of Japanese exporters' dollar-denominated sales when converted into local currency. The yen rose to as high as 108.25 against the dollar yesterday, a level not seen since Nov. 27. Japan's currency recently traded at 109.54 yen, from 112.97 at the close of trading on Dec. 28.

Nippon Yusen K.K. led shipping lines lower as an index of prices for transporting goods dropped, signaling demand may slump.

Nippon Yusen, Japan's largest, fell 6.3 percent to 832 yen. Mitsui O.S.K. Lines Ltd., the No. 2, dropped 5.4 percent to 1,349 yen. Hanjin Shipping Co., South Korea's largest shipping company, fell 0.4 percent to 40,350 won.

The Baltic Dry Index, a benchmark for the price of shipping bulk commodities, slid 1.5 percent yesterday, its ninth straight decline, to its lowest in more than three months.

PetroChina, China's largest oil producer, added 7.4 percent to HK$14.18 in Hong Kong, its biggest gain since Oct. 15. Goldman, Sachs & Co. raised its recommendation on the stock to ``buy'' from ``neutral.'' Cnooc, China's biggest offshore oil producer, surged 5.6 percent to HK$13.86.

Oil, Gold

Crude oil for February delivery in New York yesterday rose to an all-time high of $100.09 during intraday trading.

Zijin Mining, owner of China's largest gold mine, climbed 7.2 percent to HK$13.44, extending a three-day, 7.6 percent rally. BHP Billiton Ltd., the world's largest mining company and Australia's biggest oil producer, strengthened 1.9 percent to A$40.85.

Gold traded near a record high in New York, gaining 1.1 percent to $869.10 an ounce in after-hours trading on the Comex division of the New York Mercantile Exchange.

IOI, the world's No. 2 listed planter, rose 7.7 percent to a record 8.35 ringgit in Malaysia. Sime Darby Bhd., the No. 1 palm oil producer, gained 5 percent to 12.60 ringgit, also a high.

Increased prices will mean ``good earnings growth'' for plantation companies this year, said Lye Thim Loong, who helps manage the equivalent of $593 million at Avenue Invest Bhd. in Kuala Lumpur. ``Palm oil prices are tracking crude oil.''

Nikkei Report

Meanwhile, Nippon Telegraph & Telephone Corp., Japan's biggest phone operator, fell 5.6 percent to 528,000 yen, the most in almost eight months, after the Nikkei newspaper reported the company will cut leasing fees for its fiber-optic lines.

In South Korea, Shinhan Financial Group Ltd., the country's second-largest financial services provider, slid 3.4 percent to 48,000 won, after Credit Suisse Group slashed its estimate for 2007 fourth-quarter profit by 84 percent, citing provisions for its credit card unit.

LG Electronics Inc., Asia's largest maker of mobile phones, climbed 6.7 percent to 104,000 won, the most in a month, after Citigroup Inc. raised share price estimate by 11 percent, citing higher earnings prospects.

To contact the reporter on this story: Chua Kong Ho in Shanghai at kchua6@bloomberg.net; Ian C. Sayson in Manila at isayson@bloomberg.net

Last Updated: January 4, 2008 05:05 EST