This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Asian Markets A Sea of Red

Most Korean shares ended the day down, with steelmaker Posco (PKX - Get Report) giving up 2.71%, to 610,000 won on a strengthening won, and Kookmin Bank (KB) a casualty of the broad sell-off in financials, diving 3.18%, to 70,000 won.

Shares in Hanarotelecom (HANAY) bucked the trend, rising 1.79%, to 8,510 won, after soaring in early trading by nearly 10%, on talk of Australia's Macquarie Bank buying a 39.4% stake in the company. Macquarie is expected to pay up to 13,000 won per share for 91.4 million shares, or a total investment of $1.3 billion.

Sun Hung Kai's Pang says that investors should hold off buying for the time being, and that the performance of Asian markets on Monday will depend on U.S. nonfarm payroll data due to be released later today. If the data is below expectations, investors can expect another broad sell-off, he says.

Pang is looking for a potential fall to 30,000 points for the Hang Seng on Monday, and short term for a pull-back to 28,000 points.

"At this level I would not recommend buying anything, but if the Hang Seng index falls to 28,000, you can buy anything you want because most of the stocks will have returned to their fair value."

"Don't try to be a bargain hunter right now -- wait for it to fall," he adds.

Daniel M. Harrison is a business journalist specialising in European and emerging markets, in particular Asia. He has an MBA from BI, Norway and a blog at www.theglobalperspective.biz. He lives in New York.
3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
EWJ $13.14 0.46%
BX $43.50 0.38%
CHU $17.25 0.17%
CHA $67.60 0.81%
CHL $66.56 1.00%

Markets

DOW 18,076.27 +64.33 0.36%
S&P 500 2,114.07 +4.47 0.21%
NASDAQ 5,099.2310 +22.7070 0.45%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs