16 theSun | TUESDAY FEBRUARY 24 2009

KLCI 887.83 1.88 Nikkei 7,376.16 40.22

business STI 1,630.69 35.75 TSEC 4,477 40.84
Hang Seng 13,175.10 475.93 KOSPI 1,099.55 33.60
SCI 2,305.78 44.30 S&P/ASX200 3,351.20 51.20

market summary
FEBRUARY 23, 2009

Share prices close easier INDICES CHANGE

FBMEMAS 5,831.48 -6.36
SHARE prices on Bursa Malaysia closed the day reasons for investors to exit the local stock market COMPOSITE 887.83 -1.88
lower as investors continued to remain cautious given that economic growth and the business INDUSTRIAL 2,088.71 -17.61
ahead of corporate results and economic reports environment have remained resilient. But some CONSUMER PROD 282.41 -1.23
due this week, dealers said. market players are still cautious, they added. INDUSTRIAL PROD 66.40 +0.04
The benchmark KLCI eased 1.88 points to Trading on the local bourse yesterday was also CONSTRUCTION 166.03 +1.04
close at 887.83 after opening 2.31 points lower light following the poor lead from Wall Street. TRADING/SERVICES 117.36 -0.29
FINANCE 7,023.69 -3.13
at 887.40 in the morning. KNM Group was the most actively traded
PROPERTIES 531.26 -0.34
The week ahead would see the release of stock, decreasing half a sen to 40.5 sen with PLANTATIONS 4,371.12 -15.37
Bank Negara’s monetary policy statement and 318.52 million shares traded, followed by Com- MINING 231.01 -12.16
the portfolio investment statistics and 2008 pugates Holdings which was flat at 17 sen and FBMSHA 6,057.03 -11.21
fourth quarter gross domestic product figure. Transmile Group which gained 14.5 sen to 65 FBM2BRD 3,988.29 +7.80
Also due for release this week are the fourth sen. TECHNOLOGY 13.11 UNCH
quarter results for heavyweights Maybank, Sime Blue chips Sime Darby lost five sen to RM5.60, TURNOVER VALUE
Darby and Telekom Malaysia. but Tenaga Nasional rose five sen to RM6.15 while
According to dealers, there have been no major Maybank was unchanged at RM5.30. – Bernama 318.390mil RM488.453mil

briefs US may take big stake

Resorts World picks NEC
Asia’s ticketing solution
SINGAPORE: Resorts World at Sentosa (RWS),
Singapore’s new and upcoming integrated
resort has appointed NEC Asia, a wholly-owned
subsidiary of NEC Corporation of Japan, as the
technology solutions provider for the ticketing
and admission system.
NEC Asia said in a statement yesterday the
contract was worth some S$4 million (RM9.6
million) and had attracted three competing bids
from multinational consortiums. – Bernama
39,000 Filipinos lose jobs
in four months
MANILA: At least 39,000 Filipinos have lost
their jobs since October last year as factories
and companies slash jobs amid the deep-
ening global financial crisis, an official said
yesterday. The 39,000 included more than
5,400 overseas-based Filipinos who had lost
their jobs in the Middle East and Taiwan,
which accounted for the bulk of the return-
ing expatriates, Labour Secretary Marianito
Roque said. – AFP
in Citi as crisis rages
NEW YORK: The US government could
end up owning as much as 40% of ailing
financial giant Citigroup, according to
media reports, underlining the depth of
the crisis gripping the world economy.
The Wall Street Journal said Citigroup
had proposed converting into common
equity a big chunk of the preferred
shares the government bought last year
in an attempt to stabilise what used to be
America’s most valuable bank.
While Citi executives hope to limit the
government’s stake to closer to 25%, it could
end up as high as 40%, the paper reported
on its website. The preferred shares now
amount to a 7.8% stake in the company.
The Financial Times said Citi’s aim
was to keep the government’s stake to no
more than 40%, or at least below the 50%
mark that would spell nationalisation
– something that is anathema to many
US politicians, executives and voters.
“This gives you the sense that authori-
ties’ worries have intensified that problems
relating to the US economy may potentially
spill over to the rest of the world,” said
Sailesh Jha, senior regional economist at
Barclays Capital, in Singapore.
Citi’s talks with government officials
over the weekend followed a slump in
its shares on Friday as investors feared
the bank would be felled by loan losses as
the recession, which began in the housing
sector, rages unchecked through the rest
of the economy.
Asian stocks rose and the dollar fell in
response to the reports, while US equity
futures rose 1%, as traders expressed relief
that the scale of the problems dogging Citi
are at least becoming clearer. – Reuters

Honda Motor to replace

CEO amid industry crisis
TOKYO: Japan’s second-largest automaker
Honda Motor Co, struggling with falling sales
amid the global economic downturn, said yes-
terday it would replace its president and chief
executive officer in June.
Senior managing director Takanobu Ito, 55,
will replace Takeo Fukui at the helm, the Tokyo-
based company said. Fukui, 64, will remain on
the board and serve as director and adviser to
Honda Motor.
An industry analyst said the company had likely
decided to replace Fukui because he is nearing
retirement age rather than due to his perform-
ance, which is seen as praiseworthy. – AFP
Ministry to look into plight of ceramic manufacturers
IPOH: The Finance Ministry will look into the
Barca plight of the estimated 39 ceramic factories in
look to Perak which are facing a 50% drop in export
orders from the United States and Europe.
regain Deputy Finance Minister Datuk Kong Cho
focus Ha said the Perak Ceramic Industry Asso-
pg 28 ciation wants the 10 % sales tax on ceramic
products to be removed so that they can
compete with similar products imported
from China and Vietnam that are exempted
from such sales tax.
Kong, who is also state MCA liaison com-
mittee chairman, said he will raise the matter
with his ministry.
He said there are about 5,000 employees
in this industry whose livelihood is at stake
due to the economic downturn.
The other two issues that the association
raised in their memorandum to Kong was the
call to reduce further the price of diesel from
the current RM1.50 per litre and to reduce
the high electricity tariff rates of 26% that
Tenaga Nasional Bhd (TNB) imposed recently
on the industry.
Kong spoke to the media after a closed-
door dialogue with the association members
at state MCA headquarters yesterday.
Association executive secretary Choong
Sau Cheng told theSun the strength of the
association has been reduced to 39 from the
original 50 members.
She said the industry is finding it difficult
to compete with cheaper ceramic products
from China and Vietnam which are exempted
from the 10 % sales tax that is imposed on
the local industry.
She said the recent 5% reduction in the
tariff rates by TNB is not sufficient for the
industry and wanted the rates reduced by
26%.
She also wanted the diesel price to be
lowered to around RM1 per litre.