US stocks fell overnight after the assasination of opposition leader, Benazir Bhutto in Pakistan. More political unrest made investors nervous in addition to mounting economic concerns in the US. Durable goods order also showed that the US economy is in "not so good" condition with a rise of only 0.1% where the economists predicted a 2.2% rise. Unemployment rose 1000 to 349,000 where economists expected the figure would fall to around 340,000. In other news, consumer confidence rose to 88.6 in December from 87.8 in November. Dow tumbled 192.08 or 1.42%, Nasdaq fell 47.62 pts or 1.75% while S&P500 declined 21.39 pts or 1.43%.
Asian market might set to fall further today on the last day of the week. Crude oil rose to $96.62 per barrel, gold at $825ish and JPY at 113.80ish. Nikkei futures settled at 15500 in CME, fall from 15655 in Singapore.
The Kospi may open lower today following the tumble in Wall St overnight. It might fall to below 240 again today. Kospi may be opened at around 242ish region today and may fall further following weak US data, assasination of Benazir Bhutto and also profit taking actions. My price range for Kospi today: 239ish-246ish.
Hangseng may open further lower again today after the fall in US markets. It may open around 27600ish and may fall further during the day to 27400ish level. My price range for Hangseng today: 27400ish-28000ish.
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