Asian market Preview 18/12/2007

Stocks in the US retreated more than 3% in 2 days following concerns that the world's biggest economy is slowing. Dow Jones retreated 172.65 pts or 1.29%, Nasdaq fell 61.28 pts or 2.3% while S&P500 lost 22.05 pts or 1.5%. Losses were also paced by oil companies such as Exxon and also commodities producers on slumping fuel and metal prices.
Asian stocks might fall again today following the big declines on Wall St. Oil fell again to below $91 per barrel, gold is at $793ish and JPY is traded a 112.50ish per US$. Nikkei futures at CME is closed at 15045 drop from yesterday's close of 15200 over here. Nikkei might fall to below 15000 for the first time this year.
The Kospi might fall again in the open following US markets overnight. Kospi might fall to below the 230 level today. In fact, if Kospi opened above 230ish level today, I would still SELL in expectation that it will fall further. Losses might be limited in intraday trading should there be some good news came out to boost the local market. Kospi has lost more than 10.00 pts since Friday. I'd be expecting mild rebound but negatif sentiment is too big here. My target price range for Kospi today is: 227ish-234ish.
Hangseng might fall again today following the sharp losses in the US. Hangseng might fall to below the 26000 level today depending on how bad and panicky the market over there would be. If most of the foreigners' funds decided to run away, it'd be quite bad for Hangseng. If it opened lower than yesterday's close, just wait it out. Hangseng has lost almost 1500 pts since Friday. Mild rebound is expected in intraday trading. My target price range for Hangseng: 25800ish-26800ish.