US markets were tumbling down yet again on Friday and The Dow is on the brink of a bear market after shedding more than 100 pts for 2 consecutive days. Negative sentiment from investors came after more bad news from the financial sector. Morgan Stanley is being reviewed by Moody's for a possibe downgrade and there were reports saying that Merril Lynch might have to write off nearly $6 billion of risky debts. In addition to these troubling news, investors also watched how oil marched higher and touched a record high of $142.99 per barrel. Economic data released on Friday came out slightly better but could not boost investors' mood. Commerce Dept said that spending rose 0.8% in May, as taxpayers received their stimulus checks. Personal income also rose 1.9%, much better than anticipated. June's index of consumer sentiment came in at 56.4, a bit lower than May's and below analysts' estimate. On Friday, the Dow fell 106.91 pts or 0.93% to 11346.51, S&P500 fell 4.77 pts or 0.37% to 1278.38 while Nasdaq fell 5.74 pts or 0.25% to 2315.63.
Asian markets may open lower yet again on Monday following more bad news which came out of the US on Friday which caused the US markets to have another rough session. Investors' sentiment may be low and they may not want to enter the market yet although the current share prices can be considered quite low. Many Asian markets will be watching the inflation report to come out this week in their countries and also the rate decisions to be made by respective central banks. The ever rising oil prices may also weigh further on investors as higher oil means higher inflation. Oil was recently traded around $140.20ish per barrel, gold traded around $926.70ish and JPY traded around 106.15ish. Nikkei futures closed at 13540 in CME compared to the close of 13440 here on Friday.
Kospi may open lower today at around 215ish following the string of bad news to come out of the US on Friday. However, buying power may slightly emerge for long-term players if the index fell too much. Cautious trading may be in focus this week when valuable economic data to come out from South Korea.
Hangseng may also open lower today at below 22000. However, as we have seen on Friday, buying power have slightly emerged from investors as share prices look quite attractive now at current level. China market may also play a big part to determine whether Hangseng have the strength to rise or should it fall further. Hangseng may find its support at 21700ish and its resistance at 22200ish today.
Senin, 30 Juni 2008
Jumat, 27 Juni 2008
Asian market preview 27/06/2008
US markets tumbled overnight after downgrades in automakers, financials and bad earnings in tech sector which caused the markets to dive around 3%. The surge in oil and the declining in dollar also played a part in last night's selloff. GM was downgraded to sell by Goldman Sachs on fears that they'll be facing cash crunch next year amid slowing US sales. In the financial sector, Citigroup plunged after analyst gave it a sell rating and warned investors to expect less from the brokerage sector. The tech sector, which was considered a safe play during uncertain times was also hit last night as RIMM missed earnings and disappointing forecasts from both RIMM and Oracle showed that the tech sector is also vulnerable. Oil surge more than $5 during last night's session on comments from OPEC President who was quoted that oil could rise between $150 to $170 per barrel before pulling back later this year. The fears that Libya may cut oil production also became a factor which made oil go past $140 to get to its highest at $140.39 before closing at a record $139.64 per barrel. All these bad news overshadowed some good news which came out from the National Association of Realtors which reported the sales of existing homes edged up 2% in May, and some analysts believe that this was the start of an upward trend in home sales. Jobless claims remains unchanged at 384k compared to last week. The Dow plunged 358.41 pts or 3.03% to 11453.42, S&P500 fell 38.82 pts or 2.94% to 1283.15 while Nasdaq dived 79.89 pts or 3.33% to 2321.37. S&P500 have breached the psychological 1300 level.
Asian markets are expected to open lower today following a string of bad news which hit the US markets overnight and also the surge in oil prices to trade around $140ish. The weakening dollar may not help Asian countries where some of them are major exporters to the US. Financials, tech, autos, transport, oil refiners may be hit today but pharmaceuticals and drug makers may shine yet again today. Selloff in the Asian region may also get worse as today being a Friday may urge investors to sell more. Oil was recently traded around $138.74ish per barrel, gold traded around $914.90ish and JPY traded around 106.90ish. Nikkei futures was closed at 13555 in CME compared to the close of 13785 here yesterday.
Kospi may open lower today at around 217ish today and may extend losses later on in the day. Trading may be volatile as investors who are skeptical will sell their stocks while there are also some bargain hunters who take this opportunity to buy stocks at a sale price. However, selling pressure may be higher today and Kospi may even test the 215 level. Tech and exporters may be hit hard today and financials may also get some selling pressure.
Hangseng may open lower today at around 22000 and may even try to breach the 22000 to go lower today. Mainland China market may not help Hangseng today and may even drag Hangseng further down with oil traded near record high and this caused inflation fears to escalate. Oil refiners such as Sinopec and PetroChina may be hit hard with high oil prices eroding their profit. Exporters may also hit hard as more uncertainties in the US markets cause investors to seek safety. Hangseng may find its support at 21700ish and its resistance at 22200ish today.
Asian markets are expected to open lower today following a string of bad news which hit the US markets overnight and also the surge in oil prices to trade around $140ish. The weakening dollar may not help Asian countries where some of them are major exporters to the US. Financials, tech, autos, transport, oil refiners may be hit today but pharmaceuticals and drug makers may shine yet again today. Selloff in the Asian region may also get worse as today being a Friday may urge investors to sell more. Oil was recently traded around $138.74ish per barrel, gold traded around $914.90ish and JPY traded around 106.90ish. Nikkei futures was closed at 13555 in CME compared to the close of 13785 here yesterday.
Kospi may open lower today at around 217ish today and may extend losses later on in the day. Trading may be volatile as investors who are skeptical will sell their stocks while there are also some bargain hunters who take this opportunity to buy stocks at a sale price. However, selling pressure may be higher today and Kospi may even test the 215 level. Tech and exporters may be hit hard today and financials may also get some selling pressure.
Hangseng may open lower today at around 22000 and may even try to breach the 22000 to go lower today. Mainland China market may not help Hangseng today and may even drag Hangseng further down with oil traded near record high and this caused inflation fears to escalate. Oil refiners such as Sinopec and PetroChina may be hit hard with high oil prices eroding their profit. Exporters may also hit hard as more uncertainties in the US markets cause investors to seek safety. Hangseng may find its support at 21700ish and its resistance at 22200ish today.
Kamis, 26 Juni 2008
Asian market preview 26/06/2008
US markets ended the session moderately higher after The Fed leaves interest rate unchanged as expected and issued a mixed assessment of the economy. The Fed stated that downside risks to growth have diminished somewhat and the upside risks to inflation and inflation expectation have increased. It was the first time in 10 months that The Fed leave rates unchanged. The Fed is at a crossroad, while household spending seems to be improving, job market and home prices are still tumbling. If The Fed raise rates prematurely, it may have a very negative effect on the broader economy and the recovery process. Crude oil price declined $2.45 to settle at $134.55 per barrel. Gold prices also slid while dollar weakened against major currencies. After hours, RIMM reported lower-than-expected revenue and EPS and gave out mixed guidance of 2nd half of the year and this sent the stock tumbling 9% in after-hours trading. The Dow ended marginally higher by 4.40 pts or 0.04% to 11811.83, after rising more than 100 pts after Fed's announcement. S&P500 rose 7.68 pts or 0.58% to 1321.97 while Nasdaq rose 32.98 pts or 1.39% to 2401.26.
Asian markets may open higher following a good performance in the US markets and after oil dropped overnight on the rise in US stockpiles. The Fed's decision to leave rates unchanged may help boost markets as it showed that The Fed is still waiting to see more recovery in the economic growth. However, a slightly weaker dollar may weigh on the exporter side today. Crude oil was recently traded around $134.48ish, gold traded around $884.60ish and JPY traded around 107.77ish. Nikkei futures was closed at 14000 in CME compared to the close of 13950 here yesterday.
Kospi may open higher at around 222ish today following a slightly stronger US market close. Oil sensitive stocks such as airlines may be boosted after oil dropped more than $2 per barrel. Market may not rise too much though as the market have already priced in on The Fed's unchanged rate decision and oil is still quite high around $134ish per barrel. Volatility may be quite high today as there are still more uncertainties in the broader economy and especially after RIMM gave out a disappointing report in after-hours US market.
Hangseng may open higher today at around 22800ish following a stronger US close overnight. Lower oil prices may help boost stocks in Sinopec and PetroChina, the 2 largest oil refiners. Hangseng may yet again follow cues from China mainland markets which will determine how strong the market will rise today or if the market may go back down again if China's market go down. Volatility may be high as bargain hunters may want to buy but with futures contract ending tomorrow, market may be quite erratic. Hangseng may find its support at 22500 today and its first strong resistance at 23000.
Asian markets may open higher following a good performance in the US markets and after oil dropped overnight on the rise in US stockpiles. The Fed's decision to leave rates unchanged may help boost markets as it showed that The Fed is still waiting to see more recovery in the economic growth. However, a slightly weaker dollar may weigh on the exporter side today. Crude oil was recently traded around $134.48ish, gold traded around $884.60ish and JPY traded around 107.77ish. Nikkei futures was closed at 14000 in CME compared to the close of 13950 here yesterday.
Kospi may open higher at around 222ish today following a slightly stronger US market close. Oil sensitive stocks such as airlines may be boosted after oil dropped more than $2 per barrel. Market may not rise too much though as the market have already priced in on The Fed's unchanged rate decision and oil is still quite high around $134ish per barrel. Volatility may be quite high today as there are still more uncertainties in the broader economy and especially after RIMM gave out a disappointing report in after-hours US market.
Hangseng may open higher today at around 22800ish following a stronger US close overnight. Lower oil prices may help boost stocks in Sinopec and PetroChina, the 2 largest oil refiners. Hangseng may yet again follow cues from China mainland markets which will determine how strong the market will rise today or if the market may go back down again if China's market go down. Volatility may be high as bargain hunters may want to buy but with futures contract ending tomorrow, market may be quite erratic. Hangseng may find its support at 22500 today and its first strong resistance at 23000.
Selasa, 24 Juni 2008
Asian market preview 24/06/2008
US markets ended mostly lower last night after oil prices rose and financials hit new lows in 5 years. The growing credit concerns has made investors to selloff financial shares and advisors also encourage investors to dump those shares. Investors also had little reason to buy shares ahead of The Fed's 2 day meeting starting from today. With lack of economic data, oil prices have become the main focus for investors and the rise of oil means more bad news for the overall economy as rising inflation means that The Fed is going to do something real soon. Oil price climbed $1.38 to settle at $136.74 even though the Saudis pledged to boost production by 200,000 barrels a day. The only sector which was boosted was oil players such as Exxon Mobil and Haliburton Co. while financials and airlines declined significantly. The Dow ended the day flat, losing 0.33 pts or less than 0.01% to 11842.36, S&P500 ended flat too, rising 0.07 pts or 0.01% to 1318.00 while Nasdaq fell 20.35 pts or 0.85% to 2385.74.
Asian markets may start the day flat today with more downward bias as oil prices keep rising and more sluggish outlook on the US financials. The Fed's 2 day meeting also provide reasons for investors to sit on the sidelines and wait for the news to come. The good sector to play in today is energy sector with oil nearing $137 mark again. Oil was recently traded around $137.38ish per barrel, gold traded around $882.50ish and JPY was around 107.84ish. Nikkei futures was closed at 13905 in CME compared to the close of 13865 here yesterday. A rebound seems quite likely too which may cause the market to be volatile today after Asian markets lost grounds for the past week.
Kospi may open flat today following a loss yesterday and may trade in thin volume as there are lack of economic data out of the US and ahead of the Fed's 2 day policy meeting. Oil prices may become the main focus as the rise in oil means more trouble for airlines and transport shares, as well as exporters. However, bargain hunters may kick in and may cause Kospi to trade higher too during the day and may cause quite a volatility in today's session.
Hangseng may open flat around 22700 today after a highly volatile session yesterday. The market may look for directions from the China markets as there are lack of direction from the US. Oil may also play a significant part for CNOOC, Sinopec and PetroChina today as the rise in oil benefit a company while hurting others. Volatility is expected to be high again today with more bargain hunting to be expected but the overall market still looks gloomy.
Asian markets may start the day flat today with more downward bias as oil prices keep rising and more sluggish outlook on the US financials. The Fed's 2 day meeting also provide reasons for investors to sit on the sidelines and wait for the news to come. The good sector to play in today is energy sector with oil nearing $137 mark again. Oil was recently traded around $137.38ish per barrel, gold traded around $882.50ish and JPY was around 107.84ish. Nikkei futures was closed at 13905 in CME compared to the close of 13865 here yesterday. A rebound seems quite likely too which may cause the market to be volatile today after Asian markets lost grounds for the past week.
Kospi may open flat today following a loss yesterday and may trade in thin volume as there are lack of economic data out of the US and ahead of the Fed's 2 day policy meeting. Oil prices may become the main focus as the rise in oil means more trouble for airlines and transport shares, as well as exporters. However, bargain hunters may kick in and may cause Kospi to trade higher too during the day and may cause quite a volatility in today's session.
Hangseng may open flat around 22700 today after a highly volatile session yesterday. The market may look for directions from the China markets as there are lack of direction from the US. Oil may also play a significant part for CNOOC, Sinopec and PetroChina today as the rise in oil benefit a company while hurting others. Volatility is expected to be high again today with more bargain hunting to be expected but the overall market still looks gloomy.
Senin, 23 Juni 2008
Asian market preview 23/06/2008
US markets were sent tumbling down and Dow was closed at its lowest level since March 17 on Friday on renewed credit concerns and after oil rebounded on increased tension in Israel. Downgrade in automakers also made investors to sell stocks in the Friday afternoon and Treasury prices rose as investors seeks safe haven. Merril Lynch downgrade of regional banks added to the market's anxiety after Citigroup's warning of more writedowns in Q2. Washington Mutual Inc. announced 1200 job cuts and Moody's investors service decided late in the day to downgrade both insurers. Concerns over further tensions between Israel and Iran added investors' worries and pushed crude oil higher. Crude oil jumped $2.69 to settle at $134.62. The Dow ended down by 220.40 pts or 1.83% to 11842.69, S&P500 fell 24.90 pts or 1.85% to 1317.93 while Nasdaq fell 55.97 pts or 2.27% to 2406.09. For the week, Dow fell 3.78%, S&P500 lost 3.1% and Nasdaq fell 1.97%.
Asian markets may open lower again today following Wall St tumble on Friday on renewed credit market concerns and also after oil spiked up. However, there may be a ray of hope after Saudi Arabia said that they're ready to pump more oil if needed and a lower oil prices may stimulate buying opportunity in the markets when the markets get too low. Saudi Arabia's capacity will be 12.5 million barrels per day by the end of 2009 and may get to 15 million if necessary to get a reasonable price on oil. Oil was recently traded at around $134.90ish per barrel, gold traded at $903.70ish and JPY traded around 107.40ish. Nikkei futures closed at 13750 in CME compared to the close of 13920 here on Friday.
Kospi may open lower today at around 219-220ish and may fall further if investors decided to sell stocks amid more uncertainties in the US markets. Exporters may drag the market lower as US$ weakened against major currencies. However, with Saudi's new oil pledge, lower oil prices are in sight and investors may see it as opportunity to get into the market when the market is oversold.
Hangseng may open lower again today at around 22400ish after the US markets tumbled on Friday. If investors see this opportunity to do a selloff, the market may even test the 22000 mark, but if China mainland markets continue to rebound, Hangseng may have limited losses today. Hangseng may find its first strong support at 22200 and its resistance at 22700 today.
Asian markets may open lower again today following Wall St tumble on Friday on renewed credit market concerns and also after oil spiked up. However, there may be a ray of hope after Saudi Arabia said that they're ready to pump more oil if needed and a lower oil prices may stimulate buying opportunity in the markets when the markets get too low. Saudi Arabia's capacity will be 12.5 million barrels per day by the end of 2009 and may get to 15 million if necessary to get a reasonable price on oil. Oil was recently traded at around $134.90ish per barrel, gold traded at $903.70ish and JPY traded around 107.40ish. Nikkei futures closed at 13750 in CME compared to the close of 13920 here on Friday.
Kospi may open lower today at around 219-220ish and may fall further if investors decided to sell stocks amid more uncertainties in the US markets. Exporters may drag the market lower as US$ weakened against major currencies. However, with Saudi's new oil pledge, lower oil prices are in sight and investors may see it as opportunity to get into the market when the market is oversold.
Hangseng may open lower again today at around 22400ish after the US markets tumbled on Friday. If investors see this opportunity to do a selloff, the market may even test the 22000 mark, but if China mainland markets continue to rebound, Hangseng may have limited losses today. Hangseng may find its first strong support at 22200 and its resistance at 22700 today.
Jumat, 20 Juni 2008
Asian market preview 20/06/2008
US markets closed moderately higher last night after oil plunged almost $5 per barrel. The day was filled with mixed news, with Citigroup saying that a "substantial" amount of writedowns on bad debts are still to come and also after the Labor department reported less than expected declines in jobless claims. On the positive side, China will raise its fuel prices today and that might curb demand for fuel and sparked a selloff in the oil market. Regional bank BB&T Corp. said it expects to increase its dividend this year and the news also sent market higher. Tech sector got the biggest boost today after Broadcom Corp. expected higher earnings and caused techs to rally. Research In Motion also traded at its highest price at around $147ish per share. The Dow ended up by 34.03 pts or 0.28% to 12063.09 after plunging to its lowest level since March 17, S&P500 rose 5.02 pts or 0.38% to 1342.83 while Nasdaq jumped 32.36 pts or 1.33% to 2462.07.
Asian markets may open higher today following the drop in oil and a mild rebound in US equity markets. Tech sector also may get a boost today after a rally in the US last night. Exporters and Transportation may also be boosted on stronger dollar and lower oil prices. Oil was recently traded around $131.80ish, gold traded around $897.65ish and JPY traded around 108ish. Nikkei futures was closed at 14295 in CME compared to the close of 14120 here yesterday. The Nikkei 225 was closed at 14130.17 yesterday or down 2.23%.
Kospi may start the day higher today at around 225-226ish and may climb further on lower oil prices. Tech sector may also boost the overall market and exporters may also climb today. Investors may find new optimism on lower oil as consumer may want to spend more. However, gains may be limited as banks in the US are still quite nervous and predicting that there're more writedowns to come and also the Fed's comments saying that they need to fight inflation may cause some investors to think that The Fed may need to raise interest rates.
Hangseng may start the day higher today at around 23000-23100ish and may climb further if China markets also give a boost to the Hong Kong market. Lower oil may send refiners up but oil producers down today. If China markets can find some solid ground and get a nice rebound, Hangseng may be boosted further. However, today being a Friday, gains may seems to be limited as investors may find excuses not to enter market ahead of the weekend with worries that the Chinese governtment may do something over the weekend. Hangseng may find its resistance at around 23200ish and may find its support at 22700ish today.
Asian markets may open higher today following the drop in oil and a mild rebound in US equity markets. Tech sector also may get a boost today after a rally in the US last night. Exporters and Transportation may also be boosted on stronger dollar and lower oil prices. Oil was recently traded around $131.80ish, gold traded around $897.65ish and JPY traded around 108ish. Nikkei futures was closed at 14295 in CME compared to the close of 14120 here yesterday. The Nikkei 225 was closed at 14130.17 yesterday or down 2.23%.
Kospi may start the day higher today at around 225-226ish and may climb further on lower oil prices. Tech sector may also boost the overall market and exporters may also climb today. Investors may find new optimism on lower oil as consumer may want to spend more. However, gains may be limited as banks in the US are still quite nervous and predicting that there're more writedowns to come and also the Fed's comments saying that they need to fight inflation may cause some investors to think that The Fed may need to raise interest rates.
Hangseng may start the day higher today at around 23000-23100ish and may climb further if China markets also give a boost to the Hong Kong market. Lower oil may send refiners up but oil producers down today. If China markets can find some solid ground and get a nice rebound, Hangseng may be boosted further. However, today being a Friday, gains may seems to be limited as investors may find excuses not to enter market ahead of the weekend with worries that the Chinese governtment may do something over the weekend. Hangseng may find its resistance at around 23200ish and may find its support at 22700ish today.
Rabu, 18 Juni 2008
Asian market preview 18/06/2008
US markets was closed down last night after a troubling reading on wholesale inflation and after Goldman Sachs said that banks will have to raise $65 billion in new capital to cover losses. The economic data showed that the steep run-up in energy costs is affecting businesses. The Labor Department said its index of producer prices jumped 1.4% in May and the core PPI rose by a mild 0.2%. Goldman Sachs however, posted a better-than-expected earnings but banking stocks tumbled after Goldman remained cautious about regional banks and said they needed to raise more money. The Government also reported a 3.3% decline in May home construction and a 1.3% dip in building permits, signs of persistent weakness in the struggling housing market. Another report also showed a 0.2% dip in industrial production in May, following a 0.7% decline in previous month. The Dow ended down by 108.78 pts or 0.89% to 12160.30, S&P500 fell 9.21 pts or 0.68% to 1350.93 while Nasdaq fell 17.05 pts or 0.69% to 2457.73.
Asian markets may open lower today following a quite bad US data which came out last night regarding inflation problems and also troubles in banking and housing sectors. The drop may be the catalyst for investors to get out of the market after having quite a good few sessions in the last few days and enjoy some profits. Oil prices dropped last night but was still in the high territory around $134ish per barrel. Banking sector maybe affected today and profit taking session may drive market lower further. Oil was recently traded around $133.40ish per barrel, gold traded around $881.50ish and JPY traded around 107.90ish. Nikkei futures closed at 14435 in CME compared to the close of 14450 here yesterday.
Kospi may start the day lower at around 223-224ish today and may continue lower on lower US markets overnight. Lower oil prices may limit the downward pressure for the market though but overall sentiment may still remains negative. The Kospi may find its support at 221ish and may find its resistance at 227ish today. With negative readings out in the US, investors may still sit on the sidelines and wait for better days to go into the market.
Hangseng may start the day lower today at around 23000ish and may find it hard for the market to go up further today. Investors may take the chance to have a profit taking session and it may drive the market lower further towards 22700ish today. Market may also still look at China markets for more direction as to where the market may be heading as the China markets are still pressurised by the inflation problems and there sesms to be no boost from the government. Hangseng may find its support at 22700ish and resistance at 23200ish today.
Asian markets may open lower today following a quite bad US data which came out last night regarding inflation problems and also troubles in banking and housing sectors. The drop may be the catalyst for investors to get out of the market after having quite a good few sessions in the last few days and enjoy some profits. Oil prices dropped last night but was still in the high territory around $134ish per barrel. Banking sector maybe affected today and profit taking session may drive market lower further. Oil was recently traded around $133.40ish per barrel, gold traded around $881.50ish and JPY traded around 107.90ish. Nikkei futures closed at 14435 in CME compared to the close of 14450 here yesterday.
Kospi may start the day lower at around 223-224ish today and may continue lower on lower US markets overnight. Lower oil prices may limit the downward pressure for the market though but overall sentiment may still remains negative. The Kospi may find its support at 221ish and may find its resistance at 227ish today. With negative readings out in the US, investors may still sit on the sidelines and wait for better days to go into the market.
Hangseng may start the day lower today at around 23000ish and may find it hard for the market to go up further today. Investors may take the chance to have a profit taking session and it may drive the market lower further towards 22700ish today. Market may also still look at China markets for more direction as to where the market may be heading as the China markets are still pressurised by the inflation problems and there sesms to be no boost from the government. Hangseng may find its support at 22700ish and resistance at 23200ish today.
Selasa, 17 Juni 2008
Asian market preview 17/06/2008
US markets finished mixed last night after oil touched a fresh record high of $139.89 and then retreat back to close lower. Comments from Richmond Fed President Lacker said that downside risks to growth have diminished and reversing previous interest rate cuts seems to make sense also weigh some of the stocks in the Dow. The decline in regional manufacturing activity also weigh stocks in the morning before the market clawed its way back up. Manufacturing in NY fell to -8.7 from a -3.7 a month earlier and this showed the economy is still slowing down. However, reports from Lehman Bros helped stocks and the financial sectors and showed investors that the financial sectors are showing more stability now. The Dow fell 38.27 pts or 0.31% to 12269.08, S&P500 climbed 0.11 pts or 0.01% to 1360.14 while Nasdaq rose 20.28 pts or 0.83% to 2474.78.
Asian markets may open higher again today following yesterday's rally and more optimism found in the US markets regarding financial sectors and also the decline in oil prices. Investors may start to go back to stocks with more stability shown in the US for the past few days and they'll wait for more US data to come out today in form of housing starts and more from Goldman Sachs. Oil was recently traded around $134.40ish per barrel, gold traded around $881.80ish per barrel and JPY traded around 108.14ish. Nikkei futures closed at 14390 in CME compared to the close of 14360 here yesterday.
Kospi may open around 227ish today and may extend its rally to climb back towards the 230ish level. However, trading may be volatile yet again today as investors may also choose to wait for more US data to really gauge the health of the overall economy. Kospi may find its support at 225 and its resistance at 230 level today. Tech sectors may lead the way today and also the financials may make a run too after more stability shown from Lehman in the US.
Hangseng may open to the upside around 23000-23100ish today and may extend yesterday's rally. Mainland China markets may still be closely watched by investors to see if there's any reason to continue the climb further. Investors may start to put in more money with more optimism from the US and the health of the global economy is showing signs of improvement. Hangseng may find its support at 22800 today and its resistance at 23500. Trading may still be volatile should investors choose to wait and see for more market moving news from the US later on tonight and also if China is to come out with measures to boost stock markets.
Asian markets may open higher again today following yesterday's rally and more optimism found in the US markets regarding financial sectors and also the decline in oil prices. Investors may start to go back to stocks with more stability shown in the US for the past few days and they'll wait for more US data to come out today in form of housing starts and more from Goldman Sachs. Oil was recently traded around $134.40ish per barrel, gold traded around $881.80ish per barrel and JPY traded around 108.14ish. Nikkei futures closed at 14390 in CME compared to the close of 14360 here yesterday.
Kospi may open around 227ish today and may extend its rally to climb back towards the 230ish level. However, trading may be volatile yet again today as investors may also choose to wait for more US data to really gauge the health of the overall economy. Kospi may find its support at 225 and its resistance at 230 level today. Tech sectors may lead the way today and also the financials may make a run too after more stability shown from Lehman in the US.
Hangseng may open to the upside around 23000-23100ish today and may extend yesterday's rally. Mainland China markets may still be closely watched by investors to see if there's any reason to continue the climb further. Investors may start to put in more money with more optimism from the US and the health of the global economy is showing signs of improvement. Hangseng may find its support at 22800 today and its resistance at 23500. Trading may still be volatile should investors choose to wait and see for more market moving news from the US later on tonight and also if China is to come out with measures to boost stock markets.
Kamis, 12 Juni 2008
Asian market preview 12/06/2008
US markets tumbled overnight as oil prices soared to as high as $138.30 per barrel before settling at $136.38 per barrel or rising more than $5 per barrel. Oil prices soared after report showed that oil inventories fell more than estimated. Stocks also drop after concerns that global interest rates may rise on faster inflation fears with commodity prices at record highs. Investors are worried that the spike in oil prices will dent consumer spending and the chance of an economic recovery will go away. With high oil price, other commodity prices will also rise and inflation will rise too which leads to perhaps a rate hike to be made by central banks. The Dow ended lower by 205.99 pts or 1.68% to 12083.77, S&P500 fell 22.95 pts or 1.69% to 1335.49 while Nasdaq fell 54.93 pts or 2.24% to 2394.01.
Asian markets may open lower yet again today following a dismal performance in the US markets overnight. Higher oil price may provide more reason for investors to sell-off stocks today with fears on increasing inflation and the prospect of higher rates in the coming months. With global economic slowdown still linger around, higher inflation is the last thing investors would want to see in the current economic condition. Oil was recently traded around $136.70ish per barrel, gold traded around $881.10ish and JPY traded around 106.80ish. Nikkei futures for June delivery was closed at 13900 in CME compared to the close of 14180 here yesterday.
Kospi may open lower again today after staging a mild rebound yesterday. Kospi may open at around 223-224ish and may fall further towards the 221 level or may even test the 220 level today if investors decided to pull out of stock markets in the current uncertain conditions. Higher oil price and inflation concerns may push stock markets further down today as investors may want to get out of the market. Slightly weaker dollar may not help the market either.
Hangseng may open further down today and may open below the 23000 level today at around 22700-22800ish. Hangseng may fall further towards 22500 if market sentiment remains negative today. China mainland markets may play a significant role too today with the CPI numbers to come out of China where it will gauge the inflation in the country. China markets are under pressure since the governtment urge banks to raise their reserve ratio. Hangseng may find its support at 22500 today and its resistance at 23000.
Asian markets may open lower yet again today following a dismal performance in the US markets overnight. Higher oil price may provide more reason for investors to sell-off stocks today with fears on increasing inflation and the prospect of higher rates in the coming months. With global economic slowdown still linger around, higher inflation is the last thing investors would want to see in the current economic condition. Oil was recently traded around $136.70ish per barrel, gold traded around $881.10ish and JPY traded around 106.80ish. Nikkei futures for June delivery was closed at 13900 in CME compared to the close of 14180 here yesterday.
Kospi may open lower again today after staging a mild rebound yesterday. Kospi may open at around 223-224ish and may fall further towards the 221 level or may even test the 220 level today if investors decided to pull out of stock markets in the current uncertain conditions. Higher oil price and inflation concerns may push stock markets further down today as investors may want to get out of the market. Slightly weaker dollar may not help the market either.
Hangseng may open further down today and may open below the 23000 level today at around 22700-22800ish. Hangseng may fall further towards 22500 if market sentiment remains negative today. China mainland markets may play a significant role too today with the CPI numbers to come out of China where it will gauge the inflation in the country. China markets are under pressure since the governtment urge banks to raise their reserve ratio. Hangseng may find its support at 22500 today and its resistance at 23000.
Selasa, 10 Juni 2008
Asian market preview 10/06/2008
US markets ended the session mixed last night after a huge selloff on Friday. The drop in oil prices from record helped stocks to rally in Dow and S&P500. The improving sales in McDonald's also boosted stocks as it showed that consumers are still spending despite higher oil price. Financial sectors took another hit again though last night after Lehman Bros said that they're going to raise $6 billion after posting a large quarterly loss of $2.8 billion. The interest rate outlook pointed out by several Fed presidents also weigh on stocks as they said that high oil prices have caused inflation to be accelerating at a higher pace and that interest rate hike may be needed sooner rather than later. The Dow ended up by 70.51 pts or 0.58% to 12280.32, S&P500 rose 1.08 pts or 0.08% to 1361.76 while Nasdaq fell 15.10 pts or 0.61% to 2459.46.
Asian markets may open rather flat today but maybe with an upward bias as crude oil price fell more than $4 per barrel last night after Saudi Arabia's oil minister said that last week rally in oil was unjustified. The dollar strengthened against major currencies and that may also provide a boost to Asian markets with a lot of exporters. Oil was recently traded around $134.66ish per barrel, gold traded around $891.70ish and JPY traded around 106.30ish. Nikkei ftures was closed at 14220 in CME compared to the close of 14205 here yesterday.
Kospi may opened flat around 230-231ish today but may rebound from yesterday's losses on a slightly lower crude oil price. The strengthening dollar may also provide support for exporters in South Korea. Bargain hunters may start to kick in to hunt for cheap stocks but financials may still weigh as the US financial sector outlook remains grim.
Hangseng may open lower today as the market may want to play catch up with other markets around the region following yesterday's heavy losses in the region while Hangseng was closed for a holiday. A rise in oil price may weigh on Sinopec and PetroChina and the financial sectors may still also weigh the market down. China mainland markets may still be the major driving factor for Hangseng as it may turn to China to see how deep the market may drop or how strong it may rebound. Hangseng may find a strong support at around 24200 and 24000 and it may find its resistance at 24500 and 24700 today.
Asian markets may open rather flat today but maybe with an upward bias as crude oil price fell more than $4 per barrel last night after Saudi Arabia's oil minister said that last week rally in oil was unjustified. The dollar strengthened against major currencies and that may also provide a boost to Asian markets with a lot of exporters. Oil was recently traded around $134.66ish per barrel, gold traded around $891.70ish and JPY traded around 106.30ish. Nikkei ftures was closed at 14220 in CME compared to the close of 14205 here yesterday.
Kospi may opened flat around 230-231ish today but may rebound from yesterday's losses on a slightly lower crude oil price. The strengthening dollar may also provide support for exporters in South Korea. Bargain hunters may start to kick in to hunt for cheap stocks but financials may still weigh as the US financial sector outlook remains grim.
Hangseng may open lower today as the market may want to play catch up with other markets around the region following yesterday's heavy losses in the region while Hangseng was closed for a holiday. A rise in oil price may weigh on Sinopec and PetroChina and the financial sectors may still also weigh the market down. China mainland markets may still be the major driving factor for Hangseng as it may turn to China to see how deep the market may drop or how strong it may rebound. Hangseng may find a strong support at around 24200 and 24000 and it may find its resistance at 24500 and 24700 today.
Sabtu, 07 Juni 2008
Asian market preview 09/06/2008
US markets fell sharply on Friday following a series of bad economic data. The labor department said that unemployment rose by 5.5% in May after an increase of 5% in April and was the biggest monthly increase since February 1996. The rise leaves unemployment at its highest level since October 2004 since analysts had predicted an uptick of only 5.1%. The worst news came from oil prices where it rose $10.75 to settle at $138.54 and kept increasing to close at $139.12 in after-hours trading on the Nymex. The gains in oil had erased a previously optimist economic outlook investors had been hoping for in the 2nd half of the year. The gains in oil also marked the biggest ever 1 day rally ever recorded on the Nymex for oil. The rally was caused by the tension build up in Middle East after Israel issued a warning that they might attack Iran if they do not abandon their nuclear program. Morgan Stanley's analyst's forecast of oil hitting $150 per barrel by July 4th also helped the rally in oil. Finally, the ever increasing demand led by China caused the oil prices to soar the its record close ever. The Dow was battered and was closed down by 394.64 or 3.13% to 12209.81, S&P500 plunged 43.37 pts or 3.09% to 1360.68 while Nasdaq fell 75.38 or 2.96% to 2474.56.
Asian market may open lower today on skepticism regarding the state of the US economy. The high unemployment rate and the surge in oil price while the Dollar weakened may cause high selling pressure in the market today. Investors who have gained some optimism regarding the state of the US and global economy and also the prospect of an economical recovery in the 2nd half of the year may think otherwise after the rally in oil which may send inflation fears to Asian countries. Exporters may be battered after US$ weakened against major currencies. Oil was settled at $139.12 on Friday, gold was traded around $901.25 and JPY traded around 104.90ish. Nikkei futures was closed at 14050 in CME compared to the close of 14470 here on Friday.
Kospi may open lower today following the sell-off in the US on Friday session. Kospi was closed for a holiday on Friday and investors may find themselves seeking shelter for the plunge in the stock markets. Trading may be rough with oil going towards $140 per barrel and investors confidence may be dented by the state of the US economy. Kospi may go below 230 level today if investors decided to sell most of their stocks on the worrying economic data. Little optimism is expected to come from the investors today and this may cause Kospi to fall more than 3% for the day. Stocks may be hit hard as South Korea is a major oil importer.
Hangseng is closed for a national holiday today.
Asian market may open lower today on skepticism regarding the state of the US economy. The high unemployment rate and the surge in oil price while the Dollar weakened may cause high selling pressure in the market today. Investors who have gained some optimism regarding the state of the US and global economy and also the prospect of an economical recovery in the 2nd half of the year may think otherwise after the rally in oil which may send inflation fears to Asian countries. Exporters may be battered after US$ weakened against major currencies. Oil was settled at $139.12 on Friday, gold was traded around $901.25 and JPY traded around 104.90ish. Nikkei futures was closed at 14050 in CME compared to the close of 14470 here on Friday.
Kospi may open lower today following the sell-off in the US on Friday session. Kospi was closed for a holiday on Friday and investors may find themselves seeking shelter for the plunge in the stock markets. Trading may be rough with oil going towards $140 per barrel and investors confidence may be dented by the state of the US economy. Kospi may go below 230 level today if investors decided to sell most of their stocks on the worrying economic data. Little optimism is expected to come from the investors today and this may cause Kospi to fall more than 3% for the day. Stocks may be hit hard as South Korea is a major oil importer.
Hangseng is closed for a national holiday today.
Jumat, 06 Juni 2008
Asian market preview 06/06/2008
US markets soared the most in more than a month last night after better-than-expected retail sales and a drop in unemployment. Investors seems to be ignoring negative signals on Thursday and were focused the economic recovery in the second half of the year. Investors are also ignoring a sharp spike in oil prices where it rose more than $5 per barrel overnight. Even a downgrade for Ambac and MBIA did not seem to bother investors a lot last night. The Dow soared 213.97 pts or 1.73% to 12604.45, S&P500 rose 26.85 pts or 1.95% to 1404.05 while Nasdaq rose 46.80 pts or 1.87% to 2549.94. Dollar declined the most against most major currencies like the euro and that caused oil to soar last night.
Asian markets may open higher today following the positive US markets close and the good economic data which came out of the US overnight. The spike in oil prices may push oil producers such as CNOOC higher today. However, markets may enter a profit taking session later on in the day today as today being a Friday and investors may want to lock in recent profits should the markets rise too much today. Oil was traded around $128.21ish per barrel, gold traded around $878.25ish and JPY traded around 105.90ish. Nikkei futures was closed at 14560 in CME compared to the close of 14410 here yesterday.
Kospi market is closed for holidays today and will resume trading on Monday.
Hangseng may open higher today and may continue the rebound from yesterday based on the positive US economic data and the soaring US markets overnight. The spike in oil prices may give CNOOC a boost but may put Sinopec and PetroChina under pressure. Investors may put more money in the market should they become more confident in the recovery in the US and global markets in the 2nd half of the year. However, markets may be volatile again today as investors may also want to get out of the market if the market rose too high as investors may want to stay out of the market ahead of the long weekend in Hong Kong. Hangseng may open around 24500ish and may go towards 24700ish and may find 24200 as its support today.
Asian markets may open higher today following the positive US markets close and the good economic data which came out of the US overnight. The spike in oil prices may push oil producers such as CNOOC higher today. However, markets may enter a profit taking session later on in the day today as today being a Friday and investors may want to lock in recent profits should the markets rise too much today. Oil was traded around $128.21ish per barrel, gold traded around $878.25ish and JPY traded around 105.90ish. Nikkei futures was closed at 14560 in CME compared to the close of 14410 here yesterday.
Kospi market is closed for holidays today and will resume trading on Monday.
Hangseng may open higher today and may continue the rebound from yesterday based on the positive US economic data and the soaring US markets overnight. The spike in oil prices may give CNOOC a boost but may put Sinopec and PetroChina under pressure. Investors may put more money in the market should they become more confident in the recovery in the US and global markets in the 2nd half of the year. However, markets may be volatile again today as investors may also want to get out of the market if the market rose too high as investors may want to stay out of the market ahead of the long weekend in Hong Kong. Hangseng may open around 24500ish and may go towards 24700ish and may find 24200 as its support today.
Kamis, 05 Juni 2008
Asian market preview 05/06/2008
US markets ended mixed overnight as concerns about the financial sector eroded enthusiasm over a decline in oil prices and a report that signaled modest growth in the service economy. The Fed's chairman, Bernanke's comments on inflation in the US is being above the comfort zone also caused the markets to go down after it rises in the morning. ISM manufacturing index and ADP jobs report came better than expected and those data sent markets soaring higher in the morning. Oil prices declined more than $2 and was settled at $122.30 per barrel after supply came out more than expected in the US. Financial sector was hammered yet again last night after Moody's investor service warned it might downgrade the ratings on Ambac and MBIA. The Dow ended down by 12.37 or 0.1% to 12390.48, S&P500 fell 0.45 pts or 0.03% to 1377.20 while Nasdaq rose 22.66 pts or 0.91% to 2503.14. Tech sector rallied overnight as investors turned to tech sector as they believed that the sector is quite safe compared to the other sector in the market which can be affected by credit crisis.
Asian markets may open quite flat today with some upward bias boosted by the tech sector today. The decline in oil may also helped boost stocks like yesterday but more uncertainties in financials may make the markets around the region to be volatile. The strength in Dollar may boost exporters yet again. Stocks may go down too with investors may want to take out their money in these uncertain times. Oil was traded recently around $122.30ish per barrel, gold traded around $876.90ish and JPY traded around 105.24ish. Nikkei futures closed at 14340 in CME last night compared to the close of 14250 here yesterday.
Kospi may open a bit flat today at around 235ish and may have a rough volatile session today with more uncertainties in the US with inflation problem and more credit crisis concerns on the financials front. Lower crude oil may help markets today and the tech sector may boost the market higher along with exporters. Investors may not buy heavily into the stock markets ahead of the long weekend though and that may cause quite a high volatility rate.
Hangseng may open around 23900-24000ish today after being heavily sold towards the end of the session yesterday. The selloff in Chinese telecoms and CNOOC yesterday have caused the futures market to go below 24000 level. Market may see into China market yet again today to determine whether the market may get a nice rebound or more downside today. Chinese telecoms may still be in focus today and also oil producers. Oil refiners such as Sinopec and PetroChina may get a boost after oil price keep declining. Hangseng may find 23700 as its support today and 24200 as its resistance today.
Asian markets may open quite flat today with some upward bias boosted by the tech sector today. The decline in oil may also helped boost stocks like yesterday but more uncertainties in financials may make the markets around the region to be volatile. The strength in Dollar may boost exporters yet again. Stocks may go down too with investors may want to take out their money in these uncertain times. Oil was traded recently around $122.30ish per barrel, gold traded around $876.90ish and JPY traded around 105.24ish. Nikkei futures closed at 14340 in CME last night compared to the close of 14250 here yesterday.
Kospi may open a bit flat today at around 235ish and may have a rough volatile session today with more uncertainties in the US with inflation problem and more credit crisis concerns on the financials front. Lower crude oil may help markets today and the tech sector may boost the market higher along with exporters. Investors may not buy heavily into the stock markets ahead of the long weekend though and that may cause quite a high volatility rate.
Hangseng may open around 23900-24000ish today after being heavily sold towards the end of the session yesterday. The selloff in Chinese telecoms and CNOOC yesterday have caused the futures market to go below 24000 level. Market may see into China market yet again today to determine whether the market may get a nice rebound or more downside today. Chinese telecoms may still be in focus today and also oil producers. Oil refiners such as Sinopec and PetroChina may get a boost after oil price keep declining. Hangseng may find 23700 as its support today and 24200 as its resistance today.
Rabu, 04 Juni 2008
Asian market preview 04/06/2008
US markets retreated for 2nd day last night after more worries in the financial sector sent stocks plunging in the afternoon. Analysts believed that Lehman Bros may need to raise $4 billion. Wachovia also led the drop as analysts believe that the company may report a much higher credit loss. Markets opened on a positive note after government said that demand for manufactured goods unexpectedly grew 1.1% in April. Markets also rose after Fed Chairman, Bernanke stated that economy will grow without boosting inflation. He said that interest rates are 'well-positioned' to promote growth and stable prices. This speech sent the dollar soaring and oil price to plunge to below $125 per barrel. The Dow fell 100.97 pts or 0.81% to 12402.85, S&P500 fell 8.02 pts or 0.58% to 1377.65 while Nasdaq fell 11.05 pts or 0.44% to 2480.48.
Asian markets may open lower today following another drop in the US equities markets overnight on more concerns regarding financial sector. However, with Dollar gained strength against most major currencies, the impact of the drop may be limited and markets may gain grounds after steep declines yesterday. The falling oil prices may also boost markets but may drag oil producers down. Oil was recently traded around $124.30ish per barrel, gold traded around $881.25ish and JPY around 105.15ish. Nikkei futures was closed at 14210 in CME compared to the close of 14190 here yesterday.
Kospi may open lower today after US markets dropped for 2nd day. However, exporters may limit the drop on the strong dollar and also most companies may be boosted by the drop in oil prices. Investors may also buy into stocks after a sharp declines yesterday. Financials and banks may still drag on the market though.
Hangseng may start the day lower again today and may find 24000 as its support point. Oil producers such as CNOOC may drag the market down after oil dropped more than $3 overnight. Banks may also drag market down after more uncertainties in the US. However, exporters may help limit the losses and oil refiners such as Sinopec and Petrochina may boost the market today. It may find its resistance at 24300 today for Hangseng. China markets may also be driving the market and it will determine how the market will rebound from yesterday's losses or whether it will plunge further.
Asian markets may open lower today following another drop in the US equities markets overnight on more concerns regarding financial sector. However, with Dollar gained strength against most major currencies, the impact of the drop may be limited and markets may gain grounds after steep declines yesterday. The falling oil prices may also boost markets but may drag oil producers down. Oil was recently traded around $124.30ish per barrel, gold traded around $881.25ish and JPY around 105.15ish. Nikkei futures was closed at 14210 in CME compared to the close of 14190 here yesterday.
Kospi may open lower today after US markets dropped for 2nd day. However, exporters may limit the drop on the strong dollar and also most companies may be boosted by the drop in oil prices. Investors may also buy into stocks after a sharp declines yesterday. Financials and banks may still drag on the market though.
Hangseng may start the day lower again today and may find 24000 as its support point. Oil producers such as CNOOC may drag the market down after oil dropped more than $3 overnight. Banks may also drag market down after more uncertainties in the US. However, exporters may help limit the losses and oil refiners such as Sinopec and Petrochina may boost the market today. It may find its resistance at 24300 today for Hangseng. China markets may also be driving the market and it will determine how the market will rebound from yesterday's losses or whether it will plunge further.
Selasa, 03 Juni 2008
Asian market preview 03/06/2008
US markets tumbled overnight after economic reports still showed that the economy is still sluggish. ISM manufacturing index fell for 4th consecutive month in May as expected, while Commerce Department said construction spending fell in April for 6th times in the past 7 months due to a drop in home building. Stocks also fell after S&P downgraded financial institutions such as Merril Lynch, Morgan Stanley and Lehman Brothers and revised Bank of America JP Morgan's outlooks to negative. Financial sector was also battered after Wachovia sacked its CEO, Ken Thompson due to a prolonged credit crisis. S&P's reason for downgrading those institutions was because they said that these companies will be forced to make more writedowns in the coming months due to prolonged credit crisis. The Dow fell 134.50 pts or 1.06% to 12503.82, S&P500 fell 14.71 pts or 1.05% to 1385.67 while Nasdaq fell 31.13 pts or 1.23% to 2491.53.
Asian markets may open lower today following the drop in US markets overnight. The high oil prices may weigh on investors and also banking sectors may get quite a beating today after the outlook in the US financials seems to be quite grim. Exporters stocks may be battered as US$ fell against major Asian currencies. Oil was recently traded around $127.60ish per barrel, gold traded around $890.75ish and JPY traded around 104.50ish. Nikkei futures closed at 14210 in CME overnight compared to the close of 14400 here yesterday and 14270 here after hours yesterday.
Kospi may open lower today at around 233-234ish following the drop in US markets and new concerns regarding the health of the economy. Investors may take this opportunity to get some profit after recent gains. The high oil price may not be able to help much either. Exporters stocks may be battered too with the decline in US$. Markets may be volatile yet again as investors may believe that the Korean market is quite strong right now and therefore they may go into bargain hunting mode when market has dropped quite a lot. Strong support point may be found at 230.
Hangseng may open lower today at around 24300-24400ish with renewed concerns on the US economy health. Chinese markets may be in focus still as investors may want to see what kind of state the chinese economy is in. Analysts believe that China may showed some kind of slowdown after the Sichuan earthquake and that may help the market. Hangseng may find its strong support at 24000 and may find its resistance at 24600 today.
Asian markets may open lower today following the drop in US markets overnight. The high oil prices may weigh on investors and also banking sectors may get quite a beating today after the outlook in the US financials seems to be quite grim. Exporters stocks may be battered as US$ fell against major Asian currencies. Oil was recently traded around $127.60ish per barrel, gold traded around $890.75ish and JPY traded around 104.50ish. Nikkei futures closed at 14210 in CME overnight compared to the close of 14400 here yesterday and 14270 here after hours yesterday.
Kospi may open lower today at around 233-234ish following the drop in US markets and new concerns regarding the health of the economy. Investors may take this opportunity to get some profit after recent gains. The high oil price may not be able to help much either. Exporters stocks may be battered too with the decline in US$. Markets may be volatile yet again as investors may believe that the Korean market is quite strong right now and therefore they may go into bargain hunting mode when market has dropped quite a lot. Strong support point may be found at 230.
Hangseng may open lower today at around 24300-24400ish with renewed concerns on the US economy health. Chinese markets may be in focus still as investors may want to see what kind of state the chinese economy is in. Analysts believe that China may showed some kind of slowdown after the Sichuan earthquake and that may help the market. Hangseng may find its strong support at 24000 and may find its resistance at 24600 today.
Senin, 02 Juni 2008
Asian market preview 02/06/2008
US markets ended a strong week with a mixed performance on Friday after government's report showed that Americans' spending rose in April to keep pace with rising costs. Commerce department reported that personal spending rose 0.2% and personal income rose 0.2%. Inflation at personal spending level excluding food and energy costs, rose by a small amount of 0.1% in April. These readings were in line with expectations and showed that high commodities costs have not yet caused sharp pullback in spending or lifting prices for other goods. More data to come out this week for investors to digest and use them to gauge the health of the economy. One of these is the employment report and manufacturing. Good data on these items may boost stocks further or a bad data may cause another sharp pullback. The Dow ended down by 7.90 pts or 0.06% to 12638.32 and rose 1.27% for the week. S&P500 rose 2.12 pts or 0.15% to 1400.38 and gained 1.78% for the week. Nasdaq rose 14.34 pts or 0.57% to 2522.66 and gained 3.19% for the week.
Asian markets may open flat after US markets ended the session pretty much flat on Friday with investors turned cautious. High oil prices may still weigh on the investors and more uncertainties regarding the US economy may provide a good time for some investors to reap quick profits after the markets rose quite a lot in the past 2 sessions. Oil was recently traded around $127.39 per barrel, gold traded around $886.20ish and JPY traded around 105.35ish. Nikkei futures was closed at 14380 in CME compared to the close of 14370 here on Friday.
Kospi may open the session flat with some downside bias today. It may go down first in the morning before continuing its rally if investors are still positive about the market. However, lack of fresh new momentum may drive the market lower today with investors lock in profits. Trading range maybe thin today with volatility may be high as profit taking may be up against bargain hunters.
Hangseng may open around 24500ish and may be trading within 24000-24500 today. Volatility may be high and lack of strong market news from the US may drive Hangseng lower today on profit taking. If Hangseng is able to break 24570, it may try to go towards 24700 but if it go down, 24000 may be a very strong support point. China mainland markets may yet again determine how strong or how weak the Hangseng market is going to be.
Asian markets may open flat after US markets ended the session pretty much flat on Friday with investors turned cautious. High oil prices may still weigh on the investors and more uncertainties regarding the US economy may provide a good time for some investors to reap quick profits after the markets rose quite a lot in the past 2 sessions. Oil was recently traded around $127.39 per barrel, gold traded around $886.20ish and JPY traded around 105.35ish. Nikkei futures was closed at 14380 in CME compared to the close of 14370 here on Friday.
Kospi may open the session flat with some downside bias today. It may go down first in the morning before continuing its rally if investors are still positive about the market. However, lack of fresh new momentum may drive the market lower today with investors lock in profits. Trading range maybe thin today with volatility may be high as profit taking may be up against bargain hunters.
Hangseng may open around 24500ish and may be trading within 24000-24500 today. Volatility may be high and lack of strong market news from the US may drive Hangseng lower today on profit taking. If Hangseng is able to break 24570, it may try to go towards 24700 but if it go down, 24000 may be a very strong support point. China mainland markets may yet again determine how strong or how weak the Hangseng market is going to be.
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