Asian market review 23/01/2008

Asian markets rebounded today after the worst 2-day selloff in 18 years following the rate cut made by the Fed last night. Gains were paced by financials and mining companies. Nikkei added 256.01 pts or 2.04% to 12829.06 and its futures rose to 12900 in Osaka. MSCI Asia Pacific index added 3.5% to 136.65 after dropping 10% in the past 2 days.
Kospi opened higher today at 210.05 and it kept on rising higher to as high as 211.90 within the next 1hr. After that, it retraces back and it was in a rolloercoaster ride swinging between 150-300 pts each time. It reached as low as 205.15 before closed higher at 208.80 today. The gains were paced by banks, Samsung and Hyundai Heavy after being battered in the past week. Kospi moved between 205.15-211.90.
Hangseng opened higher by almost 1500 pts today at 23274 and it went higher still to 23400ish before retracing back down towards 22670 and it goes up and down and closed at 22934 in 1st session. 2nd session we saw Hangseng opened much higher at 23287 and it went up further with no turning back, only occassionally retracing 100-200 pts. It went as high as 24326 and was closed at 24219 making it the biggest gainer in the Asian region. Hangseng moved between 22670-24326.