Ken,here LATEST NEWS FROM KOREAN SAT MARKETS.Sounds like they had an up day. This may bode well for Monday.Of course Tuesday is another day,gg.I certainly can't tell you if INTC will meet their earnings this quarter. But here instead is my best guess:
-Intel has repeatedly said that they will be flat to up.(that's good
and very good, for each of these two occurrences).
-Intel has not come out to guide the market lower which they could
have done on Oct crash, were further damage would have been smaller
with stock already down to 68.
-Andy allowed himself to be displayd with many photo ops,fireside
chats, etc,in Time as Man of the Year, Business Week, Worth magazine
etc, thus entering untold households in Ameerica as a familiar face.
If he had any clue that he was going to disappoint America, I think
he probably would have kept a lower profile for now, and plan to get
on front covers later in rosier times,( Q 3-4 98? ).
All in my opinion.
Here is the latest from Korea, which with China and Japan are what really counts.I think another bullish event will be if we wake up tomorrow and learn that the Army has sacked the Suharto family and done away with greasy family palms dipping into poor peoples' pockets
and installed a " a can do " leader.A democratic election of course would be better but they haven't had one in 30 years; too early?
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BUSINESS 1/10/98
World Markets: South Korean Shares Close Sharply Higher Saturday
NEW YORK -(Dow Jones)- South Korean stocks closed sharply higher in fairly
active trading Saturday, helped by strong buying interest from foreign
investors.
The Korea Composite Stock Price Index soared 26.78 points, or 6.5%,
finishing the half-day session at 440.78. Seoul is one of the few places in
the world with stock trading on Saturdays. Gainers overwhelmed losers 800 to
85 with 28 issues ending unchanged. A total of 632 issues soared to their
daily permissible highs, while 59 issues fell to limit lows. Friday, the
benchmark index lost 2.3%, in line with most Asian equities markets, which,
with the exception of Japan, suffered heavy losses.
"Investors were encouraged by expectations that monetary policy will be
loosened," said Kim Se-chong, an analyst at Dongwon Securities Co.,
commenting on Saturday's strong rebound. The Korean government agreed with
International Monetary Fund Friday to revise its growth targets for this
year, including loosening its monetary policy. In addition, the IMF, as
expected, approved another outlay of $2 billion to South Korea under the
country's record $57 billion economic-bailout package.
Traders added that foreign investors and local institutional investors were
active buyers Saturday.
Meanwhile, most Asian stock markets fell sharply Friday, as shares in Hong
Kong, Indonesia, Singapore, and Malaysia extended Thursday's losses. However,
Tokyo blue-chip shares recovered from sharp, early losses to end just
slightly lower.
Blue chips in Frankfurt closed 2.5% lower, while London and Paris markets
posted broad losses as Wall Street extended Thursday's sell-off. The Dow
Jones Industrial Average plunged 222.20 points, or 2.85%, to 7580.42. The
weakness in Asia and on Wall Street extended to Latin America, where key
indexes in Brazil and Mexico City finished down 5.6% and 6%, respectively.
In Mexico, the IPC index lost 289.44 points to 4547.74, and not one issue
advanced in Mexico City trading. Brazil's Bovespa index tumbled 539 points to
9118, while Argentina's Merval index plunged 37.48 points, or 6%, to 589.44.
"It doesn't look good in the short run," a Sao Paulo trader said. "As long
as Asia continues to churn out bad news and New York continues shaky," Brazil
stocks will suffer.
"The (Dow industrials) clearly set the tone in Latin American equity
markets," a Buenos Aires trader said. "Losses were significant throughout the
region."
London's FT-SE 100 index closed down 98.8 points, or 1.9%, at 5138.3, after
edging up only 13 points Thursday. Provisional volume for the market was
821.0 million shares. London shares dropped on continued concern over the
financial turmoil in Asia.
In Paris, the CAC 40 index closed down 35.13 points, or 1.2%, at 2919.81
after losing 51.79 points Thursday. The mood definitely turned sour on the
Paris Bourse. French shares retreated for the fourth-straight day Friday, as
investors continued to take stock of the latest flare-up in Asia's financial
crisis and its impact on Wall Street.
Frankfurt's blue-chip DAX index closed floor trading down 110.29 points, or
2.5%, at 4236.94, extending Thursday's 44.31-point decline. Dealers said
Friday was characterized by thin trading amid a dearth of buyers. Financial
shares suffered from the Asian crisis although the financial sector was the
only one where traders registered buy orders, dealers said.
Earlier in Hong Kong, the blue-chip Hang Seng index fell 359.89 points, or
3.9%, to close at 8894.64 points, extending Thursday's 284-point skid. The
key index has plunged 1860.57 points, or 17%, in the latest seven sessions,
including all six sessions so far this year.
Singapore shares closed sharply lower amid fears that Singapore companies
will be hurt by Indonesia's economic uncertainty, dealers said. The benchmark
Straits Times Industrials Index plunged 7.4%, or 94.35 points, to 1176.35,
after a slight technical rebound from a seven-year low of 1162.99 touched in
the first-half of the day.
Indonesian shares closed mixed, with the composite index down moderately
amid huge selling in mining and agricultural shares. The Jakarta Stock
Exchange composite index closed down 1%, or 4.138 points, at 342.970. The
index had tumbled 12% on Thursday.
Meanwhile, Indonesia's rupiah rebounded sharply against the U.S. dollar on
news that the IMF will likely disburse the second tranche of bailout funds to
Indonesia following talks this weekend.
In Malaysia, shares on the Kuala Lumpur Stock Exchange fell sharply. The
Composite index, which tracks 100 blue-chip stocks, dropped 15.56 points, or
3%, to 491.60.
Thai share prices ended lower on concerns over rising bad debt and upcoming
capital increases at local banks as the Thai baht set new all-time lows,
dealers said. The Stock Exchange of Thailand index dropped 10.50 points, or
2.9%, to 349.67. The Thai baht dropped to 54.15 to the U.S. dollar from
Thursday's 53.50 to the dollar. The baht is down 52.2% from its level prior
to the July 2 float of the currency.
The Australian stock market closed lower after nervous investors sold stock
across the board on the Asian markets decline. The All Resources subindex
closed down 27.3 points, or 2.4%, at 1084.3. The All Industrials closed off
74.3 points, or 1.6%, at 4500.2.
In Tokyo, the key stock index closed slightly lower in mixed trading amid
continuing concerns about the health of Asian economies. Tokyo's blue-chip
Nikkei 225 index fell 24.08 points, or 0.2%, to close at 14995.10, extending
Thursday's 9-point slide. Losers outnumbered winners by 7 to 4 as 399 million
shares were traded. However, other major market indexes closed higher.
Tokyo stocks had ended morning trading down 278.62 points, or 1.9%, as
investors worried that sharp falls in regional stocks and currencies would
hurt profits at Japanese companies. Sentiment improved, however, after
Yoshiro Mori, the ruling Liberal Democratic Party's general council chairman,
said he supported extending a $15 billion tax cut slated for this fiscal year
to next year as well. |
