Asian market review 21/01/2008

Asian markets tumbled today in a chaotic start to the week extending the fall on Friday. The decline in Asian markets are caused by the pessimism of investors that the US is still going to have a recession despite Bush's plan to inject some $150 billion stimulus plan to avoid recession. Japan's Nikkei dropped 3.9% to 13325.94 and its futures dropped to 13310. US markets will be closed tonight for holidays but the futures for Dow have declined more than 200 pts recently.
The Kospi opened the day lower at 219.45 and it went down further with market fluctuation between 100-200 pts each time. However, negative sentiment from investors keep pushing Kospi lower and it went as low as 213.25 before closing at 214.90. Kospi moved between: 213.25-219.55. Analysts have said that the market has been oversold and a rebound is likely to happen though volatility in the market may still be quite high for the next few weeks to months. I did have a BUY today at 217.40 and I cut Loss.
Hangseng opened lower at 24473 and it retraces back up a bit up to 24687 before finally plunging more than 1000 pts during the day. Market volatility was high today with movements between 150-250 pts. 1st session saw Hangseng closed at 24509. 2nd session, we saw Hangseng opened lower at 24276 and it went down further to as low as 23596 before the market closed at 23602. I did manage to get a SELL for 2nd session at 24256 today and get quite a nice profit to cover my earlier Kospi loss today.