Vlad Demochko
Pessimistic trend has touched most indexes at Asia Pacific Exchange (APX). The statement of the Premier of the State Council of the PRC Wen Jiabao has been disappointing for everyone. He has predicted sad development of Chinese labour market in the nearest future.
Trading session results are the following: index of MSCI Asia Pacific region currently amounts to 115.61 points, having dropped by 0.4, Hang Seng (Hong Kong ) has dropped by 1.11 percent, S&P/ASX 200 (Australia) – by 0.42 percent, whereas Shanghai Composite managed to rise by 0.37 percent.
Stocks of Kansai Electric Power Co have dropped by 6.3 percent, of Hokuriku Electric Power Co. – by 21.4 percent.
Stock quotations of many construction companies have dropped: Gemdale Corp – by 8.7 percent, China Resources Land Ltd. – by 5.9 percent, Poly Real Estate Group Co. – by 4.9 percent, and China Overseas Land & Investment – by 4 percent.
One of the most popular indexes – Japanese Nikkei 225 has dropped by 0.32. Experts of have made the following prediction on the basis of such data: Japanese index shows the end of correctional wave b. At this point wave c, which is leading for the downtrend, is being prepared. However, it is also likely, to the equal extent, that the triangle marked with red lines will be over; it will be followed by an uptrend. In such case, wave b will be crossed at a much higher level.
Vlad Demochko
