Asian market fell again today, set for its steepest weekly drop in over a month with financial shares driving the market lower on concern that subprime losses will spread to other areas and after Merril Lynch & Co. may report $15 billion in writedowns, almost twice its original forecast. Markets have gained ground earlier after the Fed chairman said that they're ready to cut more rates if necessary. Nikkei dropped to its lowest close in 18 months and its futures reached as low as 14105. Nikkei was closed at 14170, falling 7.8% so far this year, making it the worst start to a year since 1997. Retailers such as Seven & I also drove the market lower in Japan.
Kospi started the day at 232.90 and it went up to only as high as 233.40 before plunging down almost 1000 pts during the session. Kospi dropped more than 2% today, making it the worst drop in a week. My morning predictions were off the charts today as Kospi moved between 224.25-233.40 today. South Korean economy seems to be slowing down as well, with Japan market was predicted to be heading for a recession as well.
Hangseng opned stronger at 27338 and it went up further to 27654 before finally plunging down amost 1000 points as well during the session. Market volatility was high as expected but nervous investors dominated the market in these uncertain times. Investors are worried that the subprime problems will remain and will spread out to other areas in the global market. Hangseng closed the 1st session at 27315 and it started the 2nd session plunging to 27088 and it went down further to as low as 26701 before finally closed at 26760. Hangseng moved between 26701-27654 today.
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