Asian market review 10/01/2008

Asian market dropped for 1st time in 3 days, led by developers on concern that US credit-market losses will spread and damp demand for real estates. Retailers also pushed markets lower after Esprit and Marks & Spencer showed signs of slowing consumer spending. Global investors are reducing their real-estate investments and the MSCI Asia Pacific Index fell 1.2% to 153.13 in Tokyo. Financial stocks and properties are the biggest drag across the board while mining and pharmaceuticals remain strong. Nikkei dropped 1.5% to 14388.11 and Nikkei futures closed at 14370 in Osaka.
Kospi opened at 233.45 in a rollercoaster ride in a market full of uncertainties and volatilities. The Bank of korea held rates at 5% as expected by investors. It reached as high as 234.75 during the day and as low as 230.55 in the highly volatile session. Kospi was closed lower though at 230.85 after mining stocks went lower and uncertainties surrounding the US economies remain. POSCO reported a larger than estimated 20% drop in 4th quarter profit after the market closed. Kospi moved between 230.55-234.75 today.
Hangseng market opened at 27659 and it followed similar patterns as other Asian markets having a rollercoaster and high volatility session. Energy sector declined after China Petroleum dropped 6.6% to HK$10.74 after Chinese government said that they will cap oil, gas and electricity prices to curb inflation. Markets are moving back to pharmaceuticals and biotech now with those sectors are the ones least affected by the credit-crisis. Hangseng moved between 27101-27659 today.