Asian market preview 11/02/2008

Most Asian markets will reopened today after a long Chinese New Year holidays last week. However, with the US slowdown and tumble in the US markets for the last few days, Asian markets may open lower today and may have a rough ride with high volatility again. Asian markets are still trying to find its bottom due to US subprime and recession issues and hopefully, they will find a bottom soon. Dow ended down 64.87 pts or 0.53% to 12182.13, S&P500 fell 5.62 pts or 0.42% to 1331.29 while Nasdaq closed higher 11.82 pts or 0.52%. However, higher commodities prices may help Asian markets later on in the day as Crude oil traded around $92ish per barrel, gold at $923ish and JPY traded around 107.50ish. Nikkei will be closed today for public holiday.
Kospi may start the day lower following US markets weak close at the end of last week but may rebounded later on in the day with bargain hunters coming in when they feel that the market have hit rock bottom. High commodities prices may help the market too today.
Hangseng may open lower again today, depending on how bad the investors would take the US' situation and how they will play the market today will determine if Hangseng will fall a lot further or just some correction and then get a rebound up. Many analysts said that the US markets will hit its bottom very very soon and that it is a very good time to build this year's portfolio.