Asian Market Review 07/12/2007

As expected, Asian markets are opened stronger in the morning following Dow's strong close overnight. However, the markets ended mixed in Asia with Nikkei closed up slightly to 15945, Kospi ended the day lower to 248.15 and HS dropped to more than 2% to 28991.
The Kospi ended lower, I think mainly caused by some profit taking done by investors after the Kospi rose to as high as 252.00 intraday. Kospi ranged today at 247.35-252.00. It opened at 251.55 and quickly rose to 252.00 within minutes before going down to 249ish. It played around there and reached 251ish again around midday before plunging to 247.35 and closed the day at 248.15.
As for Hangseng, it snapped a seven-day rally and plunged to more than 800 points than yesterday's close. It opened at 30074 and it reached only 30086 and HS played around 29800ish-30000ish during its 1st session to close 1st session at 29863. 2nd session opened at 29716 and my theory is proven once again here as HS keep plunging down to 28932 and close the day at 28991. China Mobile is the main driver for the plunge today and new rules with 2 addition on the HS board, makes investors want to do more profit taking after the market gaining so much in the last week. HS range today is: 28932-30086.