Asian market preview 03/01/2008

US markets tumbled again overnight sending Dow Jones to a worst start since 1983. The declines in ISM manufacturing index to 47.7 increases the odds of recession and also crude oil reached $100 per barrel overnight while gold is at 28 year high at $860 an ounce have made investors nervous and seek safe haven. The Dow tumbled 220.86 pts or 1.67%, Nasdaq lost 42.65 pts or 1.61% while S&P500 fell 21.20 pts or 1.44%.
Asian stocks may tumbled again at the open of the 2nd trading sesssion in 2008 today. Nikkei is still closed for the New Year's holiday and will resume trading tomorrow. Political tension in Pakistan, more violence in Nigeria cutting oil output and worsened bombings in Baghdad made crude oil rose to a staggering $100 per barrel record. Recently, crude oil traded at $99ish per barrel, gold at $857ish an ounce, JPY at 109ish while Nikkei futures settled at 14950 in CME.
The Kospi may fall again at the open. It may open around 232ish and if it open in the high 232 region, I think it'll be quite safe to get a SELL and aim for a very quick profit. Kospi may fall to 230ish region today and should investors think that this is just the beginning of the worsening storm to come, Kospi may even fall to the below 229ish region again. Kospi may trade around: 230ish-238ish today. However, since Kospi have already fell more than 2% yesterday, I think today's fall may be limited and will not be that bad.
Hangseng may also tumbled at the open following the US markets overnight. Exporters, which have majority of income from US may pace the fall again today. However, the fall may be limited after the market tumbled also yesterday. Hangseng may fall to around 27000ish region but oil and gold companies may be limiting the fall after the commodities prices rose to record highs last night. Hangseng may trade around: 27000ish-27700ish.