WRAP Japan market opens in positive territory; Hong Kong market
(24 Jan 2008) Tokyo 1. Wide of interior of Tokyo Stock Exchange trading floor 2. Close-up of Tokyo Stock Exchange logo 3. Mid of traders at computers 4. Close-up of screen showing exchange rate 5. Wide of stock board 6. Close-up of exchange rate flashing in red 7. Mid of screen showing rates and graphs 8. Close-up of screen showing graph 9. Tilt-down of numbers regaining in stock prices 10. Wide of interior of Tokyo Stock Exchange Hong Kong 11. Various of display showing Heng Seng Index open at 24,370.70 points, up 280.53 points 12. Tilt down of Korea, Japan, Taiwan and Hong Kong stock indexes on display 13. Wide of display showing world map of global stock markets 14. Wide of trading floor at Hong Kong Stock Exchange 15. Mid of trading board 16. Wide of dealers on trading floor 17. Various of dealers at work 18. Wide of computer screens 19. SOUNDBITE: (English) Louis Wong Wai-kit, Analyst, Phillip Securities Ltd.: "For the Hong Kong market, I think, for the time being, the Heng Seng Index will trade around the so-called fair value of around 33,500, which is also where the 250-day moving average lies." 20. Display showing Heng Seng Index up 38.81 points at 24,128.98 points 21. SOUNDBITE (English) Louis Wong Wai-kit, Analyst, Phillip Securities Ltd.: "Asian markets, including the Hong Kong market, will continue to take leads from the U.S. market, and we expect further volatility in the U.S. market as the focus will be on earning results, earnings report, fourth quarter earnings report." 22. Mid of trading board showing Heng Seng Index up 51.26 points at 24,141,43 points 23. Pan right of trading floor STORYLINE: Asian markets have extended their midweek rebound after U.S. stocks pulled off a stunning comeback overnight in a late session rally. On Thursday, Japan's Nikkei 225 stock index was up 1.5 percent in afternoon trade at 13,017.6, after gaining 2 percent on Wednesday. Volatility remains a hallmark of the markets, though, with Hong Kong's Hang Seng Index having dropped as much as 1.3 percent before climbing to positive territory, and the Shanghai benchmark dithering about its previous finish and down 0.02 percent at midday. The Hang Seng Index rose 3 percent to 24,843.27 after its reversal, extending its nearly 11 percent climb in the previous session. Louis Wong, analyst at Phillip Securities Ltd., said he expected the market to enter a phase of stabilisation. "For the Hong Kong market, I think, for the time being, the Heng Seng Index will trade around the so-called fair value of around 33,500, which is also where the 250-day moving average lies," he said. Wong anticipated the Federal Reserve will cut interest rates next week, and thus lend support to rate-sensitive stock, including property developers. "Asian markets, including the Hong Kong market, will continue to take leads from the U.S. market, and we expect further volatility in the U.S. market as the focus will be on earning results, earnings report, fourth quarter earnings report," he said. He added that the Asian markets have regained some confidence and now look forward to the economy stimulation policy of the Bush administration. The Hang Seng Index on Wednesday closed up 2,332.54 points or 10.7 percent at 24,090.17. It was the index' biggest one-day point gain, reversing the worst one-day point drop in its history on Tuesday. Most Asian markets appeared on Thursday to be on their way to a second straight day of gains after the U.S. Federal Reserve's surprise cut in its key interest rates on Tuesday sparked a global rally. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter: / ap_archive Facebook: / aparchives Instagram: / apnews You can license this story through AP Archive: http://www.aparchive.com/metadata/you...
