US markets were closed for Memorial Day holiday last night and therefore, there's no action and cues for Asian markets to follow in today's starting trade.
Asian markets may open rather flat today following the markets' close over in the US last night. The only thing that's going to be a burden today maybe the high oil prices but I think, Asian markets may have a rebound today after falling for the past 5 sessions. Trading volumes in most markets maybe small as there's lacking news to drive the markets. Oil was recently traded around $132.90ish per barrel, gold traded around $927.60ish and JPY traded around 103.40ish. Nikkei futures was closed at 13730 here yesterday.
Kospi may open flat today around 231-232ish and may have a rebound during the day on bargain hunting. It may try and go towards 234 but I think it may not close that high as there are not enough news to drive the overall market. Oil may still play a big part in the market but I think the current market price have already priced in for the current oil price and investors may start to buy more stocks today.
Hangseng may open around 24200-24300 today and may have a rebound after a series of consecutive drops for the past 5 sessions. China mainland market may play a significant part in driving the market today whether to have a rebound or may even go back down. Hangseng may find its strong support at 24000 and may find its first resistance at 24400. Bargain hunters may find a big part too in driving the market today.
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