Asian market review 14/11/2008

Asian markets fell to 3-week low today, led by shipbuilders and oil producers after US economy showed more signs of recession and also after oil fell to 3 week low. Hyundai Heavy industries posted worst decline in 5 months on concern orders will decline and PetroChina led the decline among oil-related companies. The falling US economy seems to have widespread implications for Asia, hurting exporters and all related companies. MSCI Asia Pacific index excluding Japan fell 0.2%, set for its lowest close at 510.52 in Hong Kong. Nikkei was closed today for holidays.
Kospi started the day flat at 225.40 and for the morning session, it went up to its highest at 227.35. Volatility was high today with moves ranging from 150-200 pts each time. However, Kospi can't hold on to the gains that morning and it went downhill although there were bargain hunters who seek cheap stocks tried to make the index positive but to no avail. Exporters were hit hard and also shipbuilders such as Hyundai Heavy Ind due to the recession fears coming out from the US. Kospi moved between 222.65-227.35 and was closed at its lowest.
Hangseng opened higher at 27153 but quickly lost its ground towards 26500ish before going back up and closed the 1st session at 26930. Volatility was very high here with moves ranging from 200-400 pts each time. 2nd session saw Hangseng opened lower at 26866 and it moved even lower to 26409 before it was closed at 26420 for the day. Hangseng moved between: 26409-27183.