Asian market rose the most this year after falling early in the morning following the declines on Wall St overnight. The rally was sparked by mining companies after gold rose to record high at $880ish and copper also rose due to more consumer demands. Mining companies and pharmaceuticals are the most favorites now as investors think that these sectors are least affected by the economic problem. Nikkei fell to as low as 14265 early in the morning but a rally in the afternoon made Nikkei bounce back and hit its highest price of 14625. Nikkei was closed at 14595. Overall, today's main driver for Asian markets were mining stocks and also some technical rebound in some Asian countries such as Korea and Hongkong.
Kospi opened lower at 228 in the morning after the fall in the US. It went down further to as low as 227.30 before it started to climb back up and reached its highest at 233.85. The strong regional markets have put some positive sentiment back into the Kospi market although foreigners remain to be net sellers so far this year. Kospi moved between 227.30-233.85 but unfortunately I only sit on the sidelines and watch Kospi as there are too many uncertainties surrounding the market.
Hangseng tumbled at the open, opening 1.7% lower or at 26693. It then went up all the way throughout the 1st session to close at 27260. 2nd session was opened at 27397 and it went up further to reach its peak at 27692. I did get a chance to BUY when 2nd session start at 27414 and I didn't get long to lock in my profit in the strong market today. Hangseng moved between 26693-27692.
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