Asian market review 30/01/2008

Asian markets fell today as cautious investors step aside and take their money off the table following the Fed meeting and rate announcement later on tonight. Losses in the region also paced by South Korean shipbuilders after Macquarie Group cut ratings on Hyundai Heavy and Samsung Heavy. Bank of China also led the declines on financial sector after UBS AG reported a record loss of about $14 billion of writedowns related to subprime mortgages. MSCI Asia Pacific index lost 1.2% to 141.56, reversing an earlier gain of 0.8%. Japan's Nikkei fell 1% to 13345.03 and its futures was closed at 13395 in Osaka. Crude oil recently traded at $92ish per barrel, gold at $921ish and JPY at 106.60ish.
Kospi started the day higher at 212.00 following the US rally overnight. However, the gains didn't last long, it tumbled after reaching 212.60. Kospi's declines were paced after shipbuilders' ratings were cut and it fell the most in the region of up to 3%. Kospi fell to as low as 203.40 and it was closed at 206.45. Market was quite volatile today with moves ranging between 100-300 pts each time but with the downward trend. Kospi moved between 203.40-212.60.
Hangseng opened higher at 24479 and it had an early morning rally of up to 24736 before starting its descend. It continued downward to close the 1st session at 23930. 2nd session opened at 24018 but it reversed course and continued on downward to as low as 23510 before closed at 23603. The prices I'm talking here is from the new futures contract as the old ones expired today. Hangseng moved between 23510-24736 today in a very volatile market. Investors are anxiously waiting for the Fed's decision due out later on tonight.