Equities in Asia decline on higher oil prices

HONG KONG / KUALA LUMPUR, Malaysia - Asian stocks fell, with a regional benchmark retreating after a record 10-week advance, as oil neared a nine-month high and continued concern that Greece will not be able to avoid a default spurred investors to lock in gains.

Korean Air Lines Co, the nation's biggest carrier by market value, sank 5.3 percent in Seoul. Esprit Holdings Ltd, a clothier that gets most of its revenue from Europe, slid 3 percent in Hong Kong. Sony Corp, Japan's No 1 exporter of consumer electronics, gained 1.2 percent in Tokyo as the yen fell to a nine-month low against the dollar, boosting the earnings outlook for the country's exporters.

The MSCI Asia Pacific Index slid 0.8 percent to 126.92 as of 5:41 pm in Tokyo, accelerating its drop after Moody's Investors Service said the risk that Greece will default "remains high". The index advanced for a 10th week last week, its longest run of gains since its inception in 1988. Shares rose amid confidence China will ease monetary policy and signs the US economy is improving.