This Day On The Street
Continue to site
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

Hong Kong Phooey

HONG KONG -- Markets in Hong Kong and Japan fell on Monday over heightened U.S. recessionary fears, but China and India, the less-mature emerging market giants, continued to buck the bearish trend by delivering modest gains.

The Hang Seng recovered half its morning losses by the close, but dropped 340 points, or 1.2%, to 27,179, while China's Shanghai Composite Index rose 31 points, or 0.6%, to 5393.

Volumes on the Shanghai Composite Index were 161.4 billion yuan, or $22.2 billion, which is about 2.5% shy of levels in October 2006, when the market reached a record high, while the Bombay Sensitive Index gained 108 points, or 0.5%, and hit an all-time high of 20,795. Indian shares were led higher by ICICI Bank (IBN), which leapt 4.7%, to 1,285 rupees, after investors looked for bargains in the day's early dip.

In Taiwan, the Taiex tumbled 338 points, or 4%, to 7883, as dealers said they were unloading heavy positions in electronics stocks like Hon Hai Precision (HNHPF) and Taiwan Semiconductor Manufacturing (TSM - Get Report), on anticipation of weaker orders, Hon Hai Precision fell 6.3%, to T$171.50, while Taiwan Semiconductor Manufacturing plunged 7%, to T$55.80. The South Korean Kospi fell in line with other Asian markets, down 1.8%, to 1831.

"Hong Kong is more likely to benefit from China, and more likely to be hurt from the U.S. right now," says Richard Lee, an analyst at Core Pacific Yamaichi in Hong Kong. "In China, you're dealing with a different group of investors who are more concerned with China itself, and who think the economy can benefit from the Olympic games."
1 of 4

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
HBC $0.00 0.00%
NTDOY $17.31 -0.23%
KBSTY $4.73 -2.89%
ZIJMF $0.34 0.00%
CEA $28.94 1.80%


Chart of I:DJI
DOW 17,667.39 +6.68 0.04%
S&P 500 2,049.06 -1.57 -0.08%
NASDAQ 4,707.9250 -9.1690 -0.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs