Far East Markets - Taiwan, Korea, Hong Kong, China and India Message Board

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Strategies & Market Trends : Far East Markets - Taiwan, Korea, Hong Kong, China and India

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From: BigSwingingD	3/22/2005 7:26:17 PM
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Commentary for yesterday. 22/03/05 Regional markets once again light on volumes. Stocks gained slightly in Korea where the economy grew a slower than expected 0.9%. Only constant is that foreigners are selling while domestic investors are buying. Rising private consumption put an end to a slump in the domestic economy for nearly two years. Employment rose again for the 6th straight month but despite the positive news, investors remained focused on the likely US interest rate rise due today. Kookmin fell over 3% after it said it would lower comm fees charged at ATMs. Markets seem to have over-reacted to the news with decent volume despite atm comm charges constituting an insignificant revenue stream. Unicom unchanged in HK despite reporting its worst monthly new subs growth in 2 yrs. Chalco down -4% following the US dollar gains overnight. Weakness in wall street exerted selling pressure in tech heavyweights UMC, down 2% with TSM following suit, although more measured, at 0.2%. However some bargain hunters did emerge to buy “battered down” AU sending it up 3%. Currencies fell once more on concern of the Fed Reserve indicate a tougher stance against inflation. Korea largest business organizations have stated that the Won is 6% over-valued and the true level should be around 1080 per dollar…

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