16 theSun | FRIDAY JANUARY 30 2009

business Hang Seng

13,154.43
S&P/ASX200
3,461.30
TSEC
Closed
KLCI
883.16
STI
1,766.72
KOSPI
1,166.56
Nikkei
8,251.24
575.83 26.20 3.53 0.64 8.58 144.95

market summary
Prices end mixed, CI up
SHARE prices on Bursa
JANUARY 29, 2009

Volume stood at 286.648

FMM: Disburse
stimulus
Malaysia ended mixed in million shares worth
lacklustre trade yesterday RM415.289 million, up from
with overnight gains on Wall the 213.002 million worth
Street encouraging buying in RM268.227 million regis-
heavyweight counters that tered on Wednesday.
pushed the Composite Index Among the active
up, dealers said.

package fast
At close, the
KLCI added 3.53 INDICES CHANGE
points to 83.16. FBMEMAS: 5,785.22 +19.28
“Most investors COMPOSITE: 883.16 + 3.53
have extended INDUSTRIAL: 2,081.42 + 8.67
their Chinese New CONSUMER PROD: 283.23 -0.02
Year holidays, in INDUSTRIAL PROD: 66.37 -0.30
line with hose of CONSTRUCTION: 166.12 +0.06
most North Asian TRADING SERVICES: 116.75 +0.17 KUALA LUMPUR: The Federa- last resort.
markets,” said TA FINANCE: 6,910.12 +41.19 tion of Malaysian Manufacturers They would first reduce work
Securities in its PROPERTIES: 529.10 -1.98 (FMM) yesterday asked the hours, shorten work week, extend
market review. PLANTATIONS: 4,413.64 +81.59 government to speedily disbursepublic holiday during festivities,
Some profit MINING: 249.25 UNCH the RM7 billion stimulus package
cut overtime and cut shifts, he
taking was seen FBMSHA: 6,018.79 +20.91 to help keep the businesses in said.
in lower liner FBM2BRD: 3,952.09 -4.06 operations. They would also freeze new
counters, said a TECHNOLOGY: 12.93 +0.12
FMM president Datuk Mustafa recruitments and replacements,
dealer. Mansur said: “Announcing is onecut off contract workers and of-
TA Securities TURNOVER VALUE
thing, but disbursing the moneyfer voluntary separation scheme
said the KLCI is 286.648mil RM415.289mil out into the market is very impor-
(VSS), he told a media confer-
likely to range tant. Also, (the money) has to be
ence.
within a lower given out to the right sector so that
Mustafa said 35.1% of members
boundary of 85-870 and an counters, IOI Corp added 10 they don’t go down to waste.” would cut at least one work day a
upper boundary of 880-885. sen to RM3.84, UEM Land He said the proposed second week while 24.6% are considering
“Any bear market rally slipped 1.5 sen to 76 sen economic stimulus package VSS, 19.3% would ask employees
attempt should meet more and PI Corp inched down should follow closely to give ato take unpaid leave or annual
formidable resistance at the one sen to 45 sen. further boost to keep the economy
leave, 8.8% would offer temporary
900 psychological level,” it Of the heavyweights, going. He also said FMM memberslay-off with half-pay and 7% are
added. Maybank perked five sen to would only retrench workers as a
considering retrenchment.
Gainers led losers by 200 RM5.30, Tenaga Nasional was He said the major-
to 172 while 181 counters flat at RM6.00, MISC rose 15
were unchanged, 701 sen to RM8.55 and Telekom Announcing is one thing, but ity are in the electronics,
untraded and 29 others Malaysia was unchanged at disbursing the money out into building materials and
plastic industries.
suspended. RM3.20. – Bernama the market is very important.” Asked if it has been a
trend for manufacturers
to cut down jobs, Mustafa said: “I
think it’s unavoidable. They have
to.”
He also urged the government
to suspend the Human Resource
Development Fund levy collec-
tion and Socso contributions for
all employers for two years.
Based on FMM’s estimation,
suspension for two years could
release over RM624 million in
cash flow back to the 10,780 busi-
nesses. – Bernama

sion of Bank Negara Malaysia’s overnight

policy rate (OPR). The bank’s previous BLR

briefs and BFR were 6.50%. – Bernama

Shell suffers US$2.8b loss on

SC okays three foreign
Islamic fund managers
KUALA LUMPUR: Three new foreign Islamic
fund management companies (IFMCs) have
been approved by the Securities Commission
to start operations in Malaysia.
The companies are Aberdeen Islamic Asset
Management Sdn Bhd, BNP Paribas Islamic Asset
Management Sdn Bhd and Nomura Islamic Asset
Management Sdn Bhd, the commission said in a
statement yesterday. The three companies al-
ready have a presence in the conventional asset
management industry in Malaysia. – Bernama
Public Bank and OCBC Bank
cut BLR to 5.95%
KUALA LUMPUR: Public Bank Bhd and Pub-
lic Islamic Bank Bhd will reduce their base
lending rate (BLR) and base financing rate
(BFR) by 0.55% from 6.50% to 5.95% with
effect from Feb 3. The reduction of the BLR
and BFR is part of the Public Bank Group’s
ongoing commitment towards the creation
of a more supportive monetary environ-
ment which would help sustain economic
growth in the country, the bank’s said in a
statement yesterday.
Meanwhile, OCBC Bank (Malaysia) Ber-
had and its subsidiary OCBC Bank Al-Amin
Berhad will also reduce their base lending
rate (BLR) and base financing rate (BFR) by
55 basis point to 5.95%, effective Feb 3.
This follows the recent downward revi-
tumbling oil prices
LONDON: Anglo-Dutch energy giant Royal Dutch
Shell said yesterday it made a net loss of US$2.81
billion (RM10.08 billion) in the final quarter of
2008 as plunging oil prices slashed the value of
inventories. The loss compared with net profit of
US$8.47 billion during the fourth quarter of 2007
when crude prices were far higher, the company
said in a statement. – AFP
Thai parliament approves
US$3.35b stimulus
BANGKOK: Thailand’s parliament yesterday
approved a US$3.35 billion (RM12.06 bil-
lion) stimulus package aimed at boosting
the economy, battered by months of street
protests and last year’s crippling airport
seizures. After 11 hours of debate between
the Democrat Party-led government and the
opposition, lawmakers voted after midnight
for the 116.7 billion baht supplementary
budget for this fiscal year. – AFP
Toshiba in the red,
to cut 4,500 jobs
TOKYO: Japan’s Toshiba Corp said yesterday
it would cut 4,500 jobs and slash investment
as the global economic slowdown pushes the
bellwether company into the red this year.
The electronics and engineering giant said the
financial crisis was badly hitting demand for
its semiconductors and flat-screen televisions.
– AFP