Asian market preview 24/04/2008

US markets closed mildly higher overnight following the better-than-expected earnings from Boeing Co., technology and tobacco companies. These earnings and forecasts overshadowed the declines in financials sector. Energy producers also decline after oil dropped from its record highs set a day before to $117ish before rebounding back up again in the session. Lower metal prices did send mining companies down in the session and drag the markets towards negative territory. Analysts believe that the market will move in a seesaw manner with high volatilities during the rest of the earnings season. Insurance company, Liberty Mutual's plans to acquire another company, Safeco also pleased investors. The Dow rose 42.99 pts or 0.34% to 12763.22, S&P500 rose 3.99 pts or 0.29% to 1379.33 while Nasdaq climbed 28.27 pts or 1.19% to 2405.21.

Asian markets may open higher again today following a more stable earnings for the US markets overnight and a more stabilized oil prices and declining gold prices. Chinese markets may rally today after the US government cut trading tax from 0.3% to 0.1% overnight to boost the world's second worst performance market this year. Oil prices fell from its highest price and was recently traded around $118ish per barrel, gold traded around $904ish and JPY traded around 103.40ish. Nikkei futures was closed at 13670 in CME compared to the close of 13530 here yesterday.

Kospi may open higher again today at around 233ish and may try to get to the 235 level today depending on how good the performance over in the South Korean market today. Technology shares may get a boost from a better earnings in the US which indicates strong demands are still there for the tech sector.

Hangseng may open higher today and may extend rally from yesterday. Hangseng may open around 25400ish level and if it can breach the 24500 level, it may go higher towards 25800 level today and even 26000 level may be tried today. Hong Kong market may be boosted from the Chinese mainland markets which may be boosted from the trading tax cuts imposed by the US government. If Hangseng decided to fall, it may find support at 25200.