Asian Markets Muddle
Asian markets took a breather in Tuesday's trading, with most markets ending mildly in the red on profit-taking, ahead of the U.S. Federal Reserve meeting. Only China and Hong Kong bucked the trend.
In Japan, the Nikkei ended a two-day winning streak, closing down 47 points, or 0.26%, at 16,651, while the Topix ended flat, down 0.72 points, at 1607.21. In Korea, last week's run of gains came to a standstill, with the Kospi falling 10.5 points, or 0.5%, to close at 2052.37.
Indian markets, which staged a rally yesterday to a record high, ended in red territory too. The BSE Sensex slid 194 points, or nearly 1%, to 19,783.
"Markets have rallied so much that most companies are already well past their target prices," says Winner Lee, an associate director at BNP Paribas in Hong Kong. "Hedge funds are relatively quiet because they like to buy into volatility."Previous session gainers saw mild losses on profit-taking as investors sat on the sidelines for most of the market session. Korean steelmaker Posco (PKX), which has surged over 12% in the last week, lost 0.3%, to 675,000 won, while Kookmin Bank (KB) slipped 4.13%, to 74,200 won. Japanese exporters fared similarly. Sony (SNE) lost 1.39%, to 5,640 yen, while Canon (CAJ) shed 1.52%, to 5,800 yen, and Honda fell 0.96%, to 4,200 yen. Nintendo (NTDOY) bucked the trend however, moving up 1.12%, to 71,700 yen after the company said that it would bring the Wii to China and South Korea in the new year.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV