US markets closed higher last night in a relatively calm trading session after GDP reports showed better-than-expected results. Last night's trading session was less erratic compared to the previous sessions this month where markets swung in 500 points range. The Commerce Dept reported that GDP fell at an annual rate of 0.3 compared to the decline of 0.5 expected by analysts. However, the measure still pointing to an economy contraction in Q3 and analysts are predicting that high market volatility will continue on for several months. Investors still remained cautious about the whole economic outlook and corporate earnings may remain grim for sometime. If earnings report showed more negativity, investors may test markets' low again and heavy sell-offs can be seen in the coming months. The Dow ended up by 189.73 pts or 2.11% to 9,180.69, S&P500 rose 24.00 or 2.58% to 954.09 while Nasdaq rose 41.31 pts or 2.49% to 1,698.52.
Asian markets may open rather flat today following the mild rise on Wall St last night on better GDP report. Asian markets may continue its rally today but may not rise as much and may even have a profit taking session after 3 days of huge rallies. Cautious investors may take their recent winnings off the table as GDP report in the US still showed that economy is contracting though not as bad. Oil prices also declined as economy slows in the US. Oil was recently traded around $65.65ish per barrel, gold traded around $738.50ish and JPY traded around 98.70ish. Nikkei futures was closed at 9020 in CME compared to the close of 9025 here yesterday.
Kospi may open rather flat with an upward bias in the morning and building from its huge rally yesterday after recouping its losses the day before on false rumor. Kospi may extend yesterday's rally but may also give up its rally later on in the day. Profit taking may take place towards market close as weekend is around the corner and investors may want to take recent winnings off the table. Kospi may find its support at 136ish and its resistance at 145ish today.
Hangseng may open higher today following the rise in US markets and good earnings report so far. However, bad earnings from Bank of Communications may cause investors to have a profit taking session today after recent run ups which took Hangseng up by more than 20% in 3 days. Investors may turn cautious again today ahead of the weekend and may lock in recent gains. Hangseng may find its support at 13500ish and its resistance at 14300ish today.
Jumat, 31 Oktober 2008
Kamis, 30 Oktober 2008
Asian market preview 30/10/2008
US markets were closed mixed last night even after The Fed has given markets the rate cut they wanted. Markets shot up higher in the last hour of trading but gave up its gains in the final minutes of trading. Analysts were baffled and there are mixed views as to why markets turned south at the final minutes. Some analysts believed that investors were just trying to rush and lock in profits after a big jump in the markets a day before and others cited reports of a lackluster profit forecast at General Electric Co. The markets are still digesting what The Fed rate cut means to the overall economy and what the comments sent out by The Fed really means. Analysts said that The Fed's message means that the economy is slowing but the risk of a deep recession can be avoided. The Dow ended the day down by 74.16 pts or 0.82% to 8,990.96, S&P500 fell 10.42 pts or 1.11% to 930.09 while Nasdaq rose 7.74 pts or 0.47% to 1,657.21.
Asian markets may open rather flat with upward bias today following the much anticipated rate cut by The Fed and as traders around the region may think that the markets have been heavily sold off. Markets may make further advances today on believe that central banks worldwide are going to do everything they can to get out of this mess. Crude prices also rose last night and was recently traded around $68.16ish per barrel, gold traded around $758.70ish and JPY traded around 97.42ish. Nikkei futures was closed at 8550 in CME compared to the close of 8320 here yesterday.
Kospi may open higher today after having a rough rollercoaster ride yesterday. Kospi was opened much higher yesterday and it dipped downwards in the afternoon after a rumor came out saying that the country needs help from IMF to stay afloat. It swung from +8% to -10% in the afternoon and then was closed at -4% at the end of the day. South Korean official later dismissed that rumor and that brought some calm to the market. Kospi may have a rally today after The Fed cut its interest rate to 1% and traders may even believe that BoK will do further to make more easing to stimulate economic growth. Kospi may find its resistance at 140ish and its support at 125ish today.
Hangseng may open higher today and build on yesterday's gains. However, trading may be highly volatile today as investors may try to lock in profits after recent big gains in the market. Good earnings report from Bank of China and China Cosco may push the index higher today. However, weak investors' sentiment may push markets downward too. Hangseng may find its support at 12300ish and its resistance at 13300ish today.
Asian markets may open rather flat with upward bias today following the much anticipated rate cut by The Fed and as traders around the region may think that the markets have been heavily sold off. Markets may make further advances today on believe that central banks worldwide are going to do everything they can to get out of this mess. Crude prices also rose last night and was recently traded around $68.16ish per barrel, gold traded around $758.70ish and JPY traded around 97.42ish. Nikkei futures was closed at 8550 in CME compared to the close of 8320 here yesterday.
Kospi may open higher today after having a rough rollercoaster ride yesterday. Kospi was opened much higher yesterday and it dipped downwards in the afternoon after a rumor came out saying that the country needs help from IMF to stay afloat. It swung from +8% to -10% in the afternoon and then was closed at -4% at the end of the day. South Korean official later dismissed that rumor and that brought some calm to the market. Kospi may have a rally today after The Fed cut its interest rate to 1% and traders may even believe that BoK will do further to make more easing to stimulate economic growth. Kospi may find its resistance at 140ish and its support at 125ish today.
Hangseng may open higher today and build on yesterday's gains. However, trading may be highly volatile today as investors may try to lock in profits after recent big gains in the market. Good earnings report from Bank of China and China Cosco may push the index higher today. However, weak investors' sentiment may push markets downward too. Hangseng may find its support at 12300ish and its resistance at 13300ish today.
Rabu, 29 Oktober 2008
Asian market preview 29/10/2008
US markets had an astounding advance last night, with markets rose more than 10% and the Dow locking in a 890 points rise which was the 2nd biggest compared to the 936 points advance on Oct 13. There are no new fundamentals to support the rally last night and analysts believed that bargain hunters came in and built the rally from early in the session. Greed have replaced fear for now as some analysts said but they are still mostly pessimistic that the rally won't hold. The rally came as optimism rose that The Fed will cut its interest rate by 50 basis points at the end of its 2-day policy meeting today. Investors also looked past consumer confidence data, which fell to 38 compared to 51 expected by analysts. Analysts believed that there's a fire sale going on for stocks around the world and bargain hunters have come in to buy them now as they feel that the markets' plunge was overdone. The Dow surged 889.35 pts or 10.88% to 9,065.12, S&P500 rose 91.59 pts or 10.79% to 940.51 while Nasdaq rose 143.57 pts or 9.53% to 1,649.47.
Asian markets may open higher today and advance further following yesterday's big rebound. Stocks are really cheap compared to companies' valuation and investors may realize now that it is the right time to buy stocks for long term profitability. Even after companies gave out disappointing results, stocks still advance like Honda. There's also a growing speculation that BoJ is leaning toward cutting its interest rate to 0.25% and that fueled carry trade for JPY. Meanwhile, oil prices seen steady with downward bias too and was recently traded around $62.73ish per barrel, gold traded around $740.50ish and JPY traded around 98.20ish. Nikkei futures was closed at 8110 in CME compared to the close of 7590 here yesterday.
Kospi may open higher today following the big jump in US markets last night and Kospi may advance further as investors may start coming in again to buy stocks. Bargain hunters may dominate the market today as stocks are seen to be quite cheap now. However, volatility may still be high as there are no apparent good news to support the big rally in the US or for South Korea. The fundamentals are still the same as yesterday or last week. Kospi may find its resistance at 145ish and its support at 137ish today.
Hangseng may surge higher today and may build from yesterday's big rally. The good earnings from CNOOC may boost Hangseng but the prospect of bad earnings from Sinopec, Air China may limit its rally today. However, with stocks have fallen so much in recent days, greed may replace fears today and stocks may have quite a rally. Hangseng may find its resistance at 13500ish and its support at 12800ish today. More US economic data still to come out tonight and that may also limit the gains for Hangseng and other markets around the region as investors are still quite nervous.
Asian markets may open higher today and advance further following yesterday's big rebound. Stocks are really cheap compared to companies' valuation and investors may realize now that it is the right time to buy stocks for long term profitability. Even after companies gave out disappointing results, stocks still advance like Honda. There's also a growing speculation that BoJ is leaning toward cutting its interest rate to 0.25% and that fueled carry trade for JPY. Meanwhile, oil prices seen steady with downward bias too and was recently traded around $62.73ish per barrel, gold traded around $740.50ish and JPY traded around 98.20ish. Nikkei futures was closed at 8110 in CME compared to the close of 7590 here yesterday.
Kospi may open higher today following the big jump in US markets last night and Kospi may advance further as investors may start coming in again to buy stocks. Bargain hunters may dominate the market today as stocks are seen to be quite cheap now. However, volatility may still be high as there are no apparent good news to support the big rally in the US or for South Korea. The fundamentals are still the same as yesterday or last week. Kospi may find its resistance at 145ish and its support at 137ish today.
Hangseng may surge higher today and may build from yesterday's big rally. The good earnings from CNOOC may boost Hangseng but the prospect of bad earnings from Sinopec, Air China may limit its rally today. However, with stocks have fallen so much in recent days, greed may replace fears today and stocks may have quite a rally. Hangseng may find its resistance at 13500ish and its support at 12800ish today. More US economic data still to come out tonight and that may also limit the gains for Hangseng and other markets around the region as investors are still quite nervous.
Senin, 27 Oktober 2008
Asian market preview 27/10/2008
US markets were closed lower yet again on Friday on belief that global recession is at hand. Markets fell after more grim corporate outlook came out on Friday. First it was Sony which triggered heavy selling in Japan, then automaker Daimler also reported grim outlook in Germany. These reports came following Microsoft's earlier report which issued a weaker-than-expected forecast for the coming quarter. All these bad corporate news added to the anxiety in the markets and sent panic all over investors' minds. Investors are convinced that the world economy is headed for a severe downturn even as governments raced to revive credit markets on the hope that a normal lending levels by banks will fan economic activities. However, some analysts believed that recent pullbacks were caused by forced selling attributed to margin calls and investors in hedge funds and mutual funds are cashing out. Technically markets worldwide are way oversold but bargain hunters who wanted to come in was kept at bay as selling pressure continues. The Dow ended down by 312.30 pts or 3.59% to 8,378.95 after falling more than 500 pts in early trade. S&P500 fell 31.34 pts or 3.45% to 876,77 while Nasdaq fell 51.88 pts or 3.23% to 1,552.03.
Asian markets may open lower again today following more corporate bad news and a fall in US markets. However, in a very oversold market, investors may finally find some bargain to buy stocks. The low oil prices may come in as a good boost as inflation pressure have eased a lot with energy prices came in at around $60ish per barrel. The prospects of more bad economic data to come out of the US may put further pressure on markets globally. Oil was recently traded around $64.80ish per barrel, gold traded around $737.70ish as gold is seen as a safe-haven in these troubled times. Nikkei futures was closed at 7550 in CME compared to the close of 7290 here on Friday.
Kospi may open slightly higher after plunging more than 10% on Friday. Investors may be encouraged a little bit as BoK called an emergency meeting on Monday to discuss what analysts believe to be another rate cut. If the rate cut does come, it may give a temporary boost to the stock markets but that boost may only be seen as an opportunity for investors to cash out as investors are still fearful of global market outlook. However, that being said, the Kospi was too oversold and it posted a record weekly decline last week. Kospi may find its resistance at 133ish and its support at 120ish today.
Hangseng may open slightly higher after a series of selling off in the market last week. Weak investors' sentiment have put Hangseng under pressure and weak economic outlook from major banks also contributed to the selloff. However, with possible further action from governments in China and Hong Kong, markets may see a temporary rebound as bargain hunters may start to come in and collect the cheap stocks. Hangseng may find its support at 12000 and its resistance at 13500ish today.
Asian markets may open lower again today following more corporate bad news and a fall in US markets. However, in a very oversold market, investors may finally find some bargain to buy stocks. The low oil prices may come in as a good boost as inflation pressure have eased a lot with energy prices came in at around $60ish per barrel. The prospects of more bad economic data to come out of the US may put further pressure on markets globally. Oil was recently traded around $64.80ish per barrel, gold traded around $737.70ish as gold is seen as a safe-haven in these troubled times. Nikkei futures was closed at 7550 in CME compared to the close of 7290 here on Friday.
Kospi may open slightly higher after plunging more than 10% on Friday. Investors may be encouraged a little bit as BoK called an emergency meeting on Monday to discuss what analysts believe to be another rate cut. If the rate cut does come, it may give a temporary boost to the stock markets but that boost may only be seen as an opportunity for investors to cash out as investors are still fearful of global market outlook. However, that being said, the Kospi was too oversold and it posted a record weekly decline last week. Kospi may find its resistance at 133ish and its support at 120ish today.
Hangseng may open slightly higher after a series of selling off in the market last week. Weak investors' sentiment have put Hangseng under pressure and weak economic outlook from major banks also contributed to the selloff. However, with possible further action from governments in China and Hong Kong, markets may see a temporary rebound as bargain hunters may start to come in and collect the cheap stocks. Hangseng may find its support at 12000 and its resistance at 13500ish today.
Jumat, 24 Oktober 2008
Asian market preview 24/10/2008
US markets ended a very volatile session last night mixed but showed some positive signs that bargain hunters are again trying to get back into the markets. The battle between bargain hunters and investors who are trying to cash out caused a very volatile environment for the markets. Analysts believed that investors are trying to find big names stocks and buy them up after being battered for the past 2 sessions. However, whenever the markets rally, nervous investors sold off their holdings as they are concerned about the state of the global economy and fear of a prolonged recession. The rally in the markets last night was led by energy companies as oil prices rose from its 16-month low as OPEC said that they would cut production amid falling demands. Tech stocks still got a beating as Amazon and Sandisk weigh on that sector. Meanwhile, labor department reported that new application for unemployment rose 15,000 last week to 478,000 slightly higher than the 470,000 predicted by analysts. Jobless claims above 400,000 signaled a recession and this is what investors are afraid of. Most of them are struggling to accept the reality that the US is indeed in recession and still believed that they can 'avoid' a recession. The Dow ended up by 172.04 pts or 2.02% to 8,691.25, S&P500 rose 11.33 pts or 1.26% to 908.11 while Nasdaq fell 11.84 pts or 0.73% to 1,603.91.
Asian markets may open slightly on the upside following a mild rally on Wall St overnight. Markets around the region may rebounded today but remain highly volatile as investors still struggling with the state of global economy. Slightly higher oil prices may give a boost to energy producers. Bargain hunters also may come in and seek cheap stocks after the markets only rose once in the past 5 sessions. Oil was recently traded around $69.17ish per barrel, gold traded around $724.90ish and JPY traded around 97.40ish. Nikkei futures was closed at 8300 in CME last night compared to the close of 8215 here yesterday.
Kospi may open slightly on the upside and may prompt some bargain hunters who may cause a rally early in the morning. However, with investors remain very nervous, any rally may be short-lived and may prompt investors to see that as an opportunity to cash out. The weakening Won again may weigh on the market and weak investors' confidence may cause Kospi to fall even further. Earnings results from Samsung Corp. may prove crucial to determine whether Kospi can have a rally today or will it fall further. Kospi may find its support at 135ish today and its resistance at 145ish. If Kospi managed to fall below 135ish, it may prompt more panic selling and may even go towards 130ish or lower.
Hangseng may open slightly higher following a positive end to Wall St's volatile session last night. Hangseng may have small rallies and market may remain highly volatile in the current situation. Bargain hunters may try to enter the market again and try their luck this time to see if they can really find bargain stocks at these prices. China mainland market may again play a part to determine if Hangseng can have a sustainable rally today. Hangseng may find its support at 13600ish and its resistance at 14300ish today.
Asian markets may open slightly on the upside following a mild rally on Wall St overnight. Markets around the region may rebounded today but remain highly volatile as investors still struggling with the state of global economy. Slightly higher oil prices may give a boost to energy producers. Bargain hunters also may come in and seek cheap stocks after the markets only rose once in the past 5 sessions. Oil was recently traded around $69.17ish per barrel, gold traded around $724.90ish and JPY traded around 97.40ish. Nikkei futures was closed at 8300 in CME last night compared to the close of 8215 here yesterday.
Kospi may open slightly on the upside and may prompt some bargain hunters who may cause a rally early in the morning. However, with investors remain very nervous, any rally may be short-lived and may prompt investors to see that as an opportunity to cash out. The weakening Won again may weigh on the market and weak investors' confidence may cause Kospi to fall even further. Earnings results from Samsung Corp. may prove crucial to determine whether Kospi can have a rally today or will it fall further. Kospi may find its support at 135ish today and its resistance at 145ish. If Kospi managed to fall below 135ish, it may prompt more panic selling and may even go towards 130ish or lower.
Hangseng may open slightly higher following a positive end to Wall St's volatile session last night. Hangseng may have small rallies and market may remain highly volatile in the current situation. Bargain hunters may try to enter the market again and try their luck this time to see if they can really find bargain stocks at these prices. China mainland market may again play a part to determine if Hangseng can have a sustainable rally today. Hangseng may find its support at 13600ish and its resistance at 14300ish today.
Kamis, 23 Oktober 2008
Asian market preview 23/10/2008
US markets fell sharply again last night and continued its downturn as investors' worries shifted from credit to health of corporate earnings and the future of economic growth. Markets fell more than 4% with S&P500 closed at its lowest level since April 2003. Corporate profit forecasts, a jump in the dollar and falling oil prices showed that investors are fearful that an economic slowdown will sweep the globe even if lending begins to approach normal levels. Investors are expecting quarterly corporate results to be weak and they are in panic mode so heavy selling is inevitable as analysts believed. Credit markets continued to show signs of easing but investors are more worried now about the current economic condition and how long will this slowdown last. However, analysts are still optimistic as trading volume was light last night compared to the heavy trading volumes in the past 2 weeks when markets plunged at record levels. Analysts said it is quite normal to see this kind of volatilities when the markets are recovering from heavy selling and when markets are searching for its real bottom. The Dow plunged 514.45 or 5.69% to 8,519.21, S&P500 fell 58.27 pts or 6.10% to 896.78 while Nasdaq fell 80.93 pts or 4.77% to 1,615.75.
Asian markets may open lower again today and may extend its decline on global economic worries. However, as markets reaching towards its lowest points formed just recently, bargain hunters may come in yet again to buy stocks at fire sale prices. Many analysts believed that global stock prices have become very cheap right now if they compare it to the Price/Earnings ratio. However, analysts also believed that whenever markets rally, it would only be a reason for investors to sell their holdings. Oil prices tumbled last night as dollar gained strength and as US stockpiles rose last week. Oil was recently traded around $67.55ish per barrel, gold traded around $726.60ish and JPY traded around 98.00ish. Nikkei futures was closed at 8200 in CME compared to the close of 8500 here yesterday.
Kospi may open lower again today and may continue its downward path as investors are desperate to sell their stocks and as foreigners also continued to do heavy sellings on Korean stocks. Gloomy economic outlook for South Korea and the weakening Won may contribute further selling in the Kospi. Kospi may find its support at 136ish and its resistance at 143ish today.
Hangseng may open lower today following the US' further downfall last night on global economic worries. Hangseng may be supported by better-than-expected earnings by Baidu and maybe some other companies. Low oil prices may also finally contribute to the local economic outlook and inflationary pressure to ease further which will leave room for government to take further measure to boost economy. Hangseng may find its support at 13200ish and its resistance at 14000ish today.
Asian markets may open lower again today and may extend its decline on global economic worries. However, as markets reaching towards its lowest points formed just recently, bargain hunters may come in yet again to buy stocks at fire sale prices. Many analysts believed that global stock prices have become very cheap right now if they compare it to the Price/Earnings ratio. However, analysts also believed that whenever markets rally, it would only be a reason for investors to sell their holdings. Oil prices tumbled last night as dollar gained strength and as US stockpiles rose last week. Oil was recently traded around $67.55ish per barrel, gold traded around $726.60ish and JPY traded around 98.00ish. Nikkei futures was closed at 8200 in CME compared to the close of 8500 here yesterday.
Kospi may open lower again today and may continue its downward path as investors are desperate to sell their stocks and as foreigners also continued to do heavy sellings on Korean stocks. Gloomy economic outlook for South Korea and the weakening Won may contribute further selling in the Kospi. Kospi may find its support at 136ish and its resistance at 143ish today.
Hangseng may open lower today following the US' further downfall last night on global economic worries. Hangseng may be supported by better-than-expected earnings by Baidu and maybe some other companies. Low oil prices may also finally contribute to the local economic outlook and inflationary pressure to ease further which will leave room for government to take further measure to boost economy. Hangseng may find its support at 13200ish and its resistance at 14000ish today.
Rabu, 22 Oktober 2008
Asian market preview 22/10/2008
US markets ended down last night on mixed earnings concern and investors took the opportunity to have some profit taking after a huge 400 pts rally the day before. Weak earnings report from Texas Instrument, Sun Microsystems, Freeport McMoran again caused investors to see gloomy outlook beyond Q4 and that sparked another sell-off in the US markets. However, analysts said that investors anxiety have lessened considerably compared with the past 2 weeks when fears took over the markets and battered stocks across the globe. Credit markets eased further in response to a sweeping series of bailout measures by world government, including a joint US and European plan to buy stakes in private banks to boost their lending. Right now, investors are watching the earnings front to gauge how bad the economy outlook is going to be while they're waiting for the bailout measures to work its way through the system. Until the credit market health turn to normal, markets will have these back and forth swings as analysts predicted. Among blue chips, DuPont Co. and Caterpillar both fell more than 5% on weaker earnings report and gloomy 2009 outlook. The Dow ended down by 231.77 pts or 2.50% to 9,033.66, S&P500 fell 30.35 pts or 3.08% to 955.05 while Nasdaq fell 73.35 pts or 4.14% to 1,696.68.
Asian markets may open lower today following another loss on Wall St last night. However, this time the losses on Wall St is not that significant compared to the past few weeks. Investors are more concerned about the earnings report and investors around Asia may also turn to its own local earnings report to find momentum for their markets. Governments worldwide have done whatever they can to help the credit system and investors have realized that it would take time for those measures to work. Crude oil prices fell overnight and was recently traded around $71.75ish per barrel, gold traded around $775.80ish and Nikkei futures was closed at 8980 in CME compared to the close of 9115 here yesterday.
Kospi may open lower today and may continue its downward path from yesterday if more gloomy earnings are to come out in South Korea. The weakening of Korean Won may again weigh on the stock market today. Investors may turn to local news and local earnings report to determine how far the market will continue its way downward or will it make another round of comeback today. Kospi may find its support at 150ish and its resistance at 155ish today.
Hangseng may open lower today following another round of selling in the US last night. Hangseng market may turn to China mainland markets for more news to determine market direction today. Government's plan to inject China's Agriculturual bank, more tax rebates for toymakers and textile exporters and also PetroChina's plan to expand may limit Hangseng's losses and may turn it to the upside. Hangseng may find its support at 14700ish and its resistance at 15300ish today.
Asian markets may open lower today following another loss on Wall St last night. However, this time the losses on Wall St is not that significant compared to the past few weeks. Investors are more concerned about the earnings report and investors around Asia may also turn to its own local earnings report to find momentum for their markets. Governments worldwide have done whatever they can to help the credit system and investors have realized that it would take time for those measures to work. Crude oil prices fell overnight and was recently traded around $71.75ish per barrel, gold traded around $775.80ish and Nikkei futures was closed at 8980 in CME compared to the close of 9115 here yesterday.
Kospi may open lower today and may continue its downward path from yesterday if more gloomy earnings are to come out in South Korea. The weakening of Korean Won may again weigh on the stock market today. Investors may turn to local news and local earnings report to determine how far the market will continue its way downward or will it make another round of comeback today. Kospi may find its support at 150ish and its resistance at 155ish today.
Hangseng may open lower today following another round of selling in the US last night. Hangseng market may turn to China mainland markets for more news to determine market direction today. Government's plan to inject China's Agriculturual bank, more tax rebates for toymakers and textile exporters and also PetroChina's plan to expand may limit Hangseng's losses and may turn it to the upside. Hangseng may find its support at 14700ish and its resistance at 15300ish today.
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