Nikkei opened down at 9690 on negative US data on jobless and initial claims last night. Jobless rate raise to 9.5% in June and initial claims in US is at 467,000 as reported last night. Investors fret about these bad data and they feel that economy recovery may not be as fast as predicted initially. Analysts said that with more high jobless rate, consumer spending maybe affected too and the US economy is supported mostly by consumer spending. Nikkei quickly shrugged off early morning weakness to rise above 9700 in early trade. Analysts have said that Japan and other Asia countries' economic foundation is better than that in the US. Traders are boosted by program buying led by foreign investors though trading volume remains light ahead of the long weekend in the US. Towards the close, Nikkei gained more and was closed at 9820 at 1.30PM my time.
Kospi opened down at 178.85 from yesterday's close at 181.85. Kospi quickly regained its ground as foreigners keep buying stocks and prompted local investors to follow suit. North Korean's missile test conducted yesterday had limited impact on the market today as investors feel that is old news. Kospi played around 180-181ish region before sprinting past 182ish towards the end of the day. Kospi ended in positive territory, closed at 182.70.
Hangseng opened down at 17955 and looked set to go down further to continue the downward trend from yesterday. It touched 17864 just after 15 mins of trading before it shot up when the cash market open in Hongkong. It then go up and play between 17900ish-18100ish and was closed at 18039 for 1st session. 2nd session opened at 18105 and Hangseng moved rather flat with upward bias. It touched its intraday high at 18194 before closed flat at 18138.
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