Asian markets have quite a nice rebound today. Every markets in the region rose except for China which extends its losses from yesterday after Central Bank in China increased their interest rate yet again. MSCI Asia Pacific Index rose 1% to 146.42, halting a 2-day 4.7% drop in Tokyo. Nikkei rose 2.1% to 13783.45 and its index rose to 13730. Markets were oversold and a rebound tends to happen in situation like this.
The Kospi opened at 219.95 and it rose further to 220.75 before plunging down along with Hangseng to its lowest at 215.70. Kospi moved between 215.70-220.75 and was closed at 218.95, breaking its 3 days losing streak. Rally was supported by Samsung Electronics on higher profit from LCD displays and after Merril Lynch increased its rating.
Hangseng opened at 24800 and it went on a rollercoaster, dropping slightly and rising to 24900ish before plunging down 1000 points to 23976 and it went back up to close the 1st session at 24400. 2nd session saw Hangseng opened at 24669 and it rose further, breaking my morning target price estimate and closed at 25085. Hangseng moved between 23976-25416 in a very volatile market today.
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