Asian market review 29/01/2008

Asian markets rose today, rebounding from steep losses yesterday following the US rally overnight caused by the optimism that the Fed will cut rate again as expected during the 2-days meeting ending on Wednesday. The chance of a half-point cut rose to 88% and another 12% think that the Fed will cut rates by quarter-point during their meeting. Japanese Nikkei rose 390.95 pts or 2.99% to 13478.86 and its futures rose and was closed at 13415 in Singapore at 2.30 PM. Crude oil was recently traded around $91ish per barrel, gold at $923ish and JPY at 106.50ish.
The Kospi opened the day higher at 211.00 and rose further to as much as 212.65 before giving up the gains in intraday trading. Overall, Kospi still rose today closed at 210.70. Kospi was very volatile today, moving between the small trading range but at a fast pace, up and down moving between 150-300 pts each time. Kospi moved between 207.90-212.65.
Hangseng opened higher at 24770 for old contract and 24809 for new contract, and it rose within seconds to 24887 in old contract and 24918 in new contract. Hangseng was very volatile too with moves ranging from 100-400 pts at one point in intraday. It quickly gave up its gains in intraday, going to as low as 24300ish during 1st session and was closed at 24673 in 1st session. 2nd session, we saw Hangseng continue on with its high volatility pattern, with moves ranging up to 200 pts each time and was opened at 24653. It continued on lower and it broke its low point near the end of trading session. Hangseng was closed at 24302 for old contract and 24349 for new contract. Hangseng moved between 24202-24887 for old and 24239-24918 for new.