Asian market preview 02/09/2008

US markets were closed for labor day holiday last night. All eyes were on hurricane Gustav though and crude oil was being traded electronically in Nymex in a special trading session. Crude oil prices tumbled $4.34 to $111.12 per barrel in late afternoon electronic trading as hurricane Gustav weakened along the Gulf Coast and posed less of a threat to oil drilling and refining operations. Dow futures was recently traded around 11567.

Asian markets may open rather flat today as lack of cues from the US markets may prevent investors to bet too heavily at the start. However, markets around the region may rise today as the markets have tumbled significantly yesterday. The drop in oil prices may also help boost the overall market in the region as it gave some hope for investors. Crude oil was recently traded around $111.22ish per barrel, gold traded around $823.50ish and JPY traded around 108ish. Nikkei futures was closed in CME last night and was closed at 12835 here yesterday.

Kospi may open around yesterday's closing price and it may get a technical rebound today after tumbling more than 4% yesterday. Kospi may try to get towards 188ish region today if bargain hunters sees this as an opportunity to get into the battered market. However, the continuing slump in the country's currency may prevent the increase to be sustainable. Foreigners may also play a part in determining whether Kospi is set to rebound or will it continue its slide today. Kospi may find its support at 180ish today with its strong resistance at 188ish.

Hangseng may open around the same price as yesterday's close but with a higher note on a rebound course. Lower oil prices may give some hope for investors and may boost oil-sensitive stocks such as airlines. However, with lack of news from the US and investors are still anticipating more bad news this week, gains are seen to be quite limited today. Hangseng may try the 21000 level again and if it managed to do that, it may find strong resistance at 21200 today and its support at 20600.