Kamis, 27 Maret 2008

Asian market preview 27/03/2008

US markets fell for 1st time in 4 days overnight after an unexpected drop in durable goods order injected another pessimism into the market. The data indicated that consumer demands and business spending are declining for 2 straight months and it's worrisome for Wall St. Durable goods order fell 1.7% and New home sales also fell 1.8% to a 13-year low. The financial sectors also dragged down the markets after Oppenheimer & Co. analyst Meredith Whitney lowered her 1st quarter profit forecasts for the nation's top 4 commercial banks. The Dow fell 109.74 pts or 0.88% to 12422.86, S&P500 fell 11.86 pts or 0.88% to 1341.13 while Nasdaq dipped 16.69 or 0.71% to 2324.36. Considering recent rally for the markets, a pullback like this is not as bad as in recent weeks as markets are working hard to find their bottoms.

Asian markets may start the day lower for the 1st time in 4 days today following the new concerns regarding the US economy. The weakening US$ and also the rise in crude oil may drag down the markets further today. Crude oil soared after US inventory was lower than expected last week and was recently traded around $106.20ish per barrel. Gold was recently traded around $953.90ish and JPY traded around 98.90ish. Nikkei futures in CME was closed at 12590 compared to the close of 12670 here yesterday.

The Kospi may start the day lower around 214.50ish today and may fall further on concerns about the US economy which is South Korea's main export destination. Profit taking may also domminate the market after recent few sessions of rallies. However, the decline may not be as bad as Kospi's recent runs were not very huge and its climbing steadily.

Hangseng may start the day lower for the 1st time since Monday today at around 22450ish for old contract and 22400ish for new contract. It may fall further on US economic concerns and also China's ever declining markets. Hangseng has a support around 22200 and if it breached that, it may try and run towards the 22000 level and may go even lower. Profit taking may dominate the market today and that may cause quite a high volatility.

Tidak ada komentar: