Most of Asian markets rose today following the 50 basis points rate cut made by the Fed overnight. Banking stocks which fell early in the morning, erased all its losses as subprime fears eased slightly. Investors were also looking for stocks with good earnings report regardless of sector and that helped the Asian market to rebound in the afternoon. Japan's Nikkei rose 247.44 pts or 1.84% to 13592.47 while its futures was closed at 13560 in Osaka. Although Nikkei rose in this final trading day of the month, it's still down 11.2% since the beginning of the year.
Kospi started the day weaker at 203.55 and it went down further still to 202.60 before making its rebound up for most of the session. Volatility was still high with moves ranging between 150-250 pts and Kospi was ended higher at 207.85. Kospi moved between 202.60-210.20.
Hangseng started the day at roughly the same price as its closing price yesterday at 23687. It rose up to 23948 before plunging down just within the hour to its lowest at 23065. It rebounded back up and closed the 1st session at 23529. 2nd session, we see Hangseng opened up at 23597 and it went up further to 23900ish before retreating back and ended the day lower at 23465. Hangseng was one of the region's loser for today as more subprime issues still have investors worry and possible downgrades for bond insurers in the US made investors flee too. Volatilty was very high again today and Hangseng moved between 23065-23948.
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