theSun | TUESDAY MARCH 3 2009 13

876.56 T
14.11 7,280.15 T
288.27
business KLCI
STI 1,542.68 T
52.19
Nikkei
TSEC 4,425.83 131.32
T
Hang Seng 12,317.46 494.11
T KOSPI 1,018.81 T
44.22
SCI 2,093.45 S
10.60 S&P/ASX200 3,250.10 T
94.40

Property mart likely

KUALA LUMPUR: The
Malaysian property market is
likely to remain bearish this
market summary MARCH 2, 2008
year in view of the negative
outlook for the external eco- Bursa sheds INDICES CHANGE
nomic environment.
Managing director of CH
14 points FBMEMAS
COMPOSITE
5,728.90 -118.17
876.56 -14.11

to be bearish
Williams Talhar & Wong, SHARE prices on Bursa INDUSTRIAL 2,087.46 -20.89
Goh Tian Sui, however, said Malaysia ended the ses- CONSUMER PROD 283.51 +0.18
the opportunity to buy was INDUSTRIAL PROD 65.60 -0.51
sion lower yesterday on
CONSTRUCTION 164.71 -1.78
good now as prices had eased a continuous sell-off on TRADING/SERVICES 115.52 -2.29
lately, especially for properties selected blue chip stocks, FINANCE 6,835.74 -173.92
in prime locations. dealers said. PROPERTIES 516.29 -7.24
“Property developers are our banking sector is now on was associated with endless presenting the report. The benchmark KLCI PLANTATIONS 4,328.83 -45.21
also adopting a wait-and-see a firmer footing,” he said. uncertainties. Goh said the country fell 14.11 points to close at MINING 231.01 unch
attitude to assess how the He said the government Earlier, he said, the bullish has not been isolated from 876.56. FBMSHA 5,983.95 -102.69
global economic scenario will was right to support the devel- start to 2008 property market the global crisis as some Dealers said finance FBM2BRD 3,950.87 -29.49
unfold in the coming months,” opment of Iskandar Develop- ended with dented confidence transactions were aborted. TECHNOLOGY 13.02 -0.30
counters were among
he told a media briefing after ment Region in Johor given by year-end. He said the largest and the top losers amid more TURNOVER VALUE
presenting the company’s the strong interest in property “By the last quarter of 2008, most highly-publicised cash calls expected by the 427.273mil RM751.884mil
Property Market 2009 Report projects there. the property market in Klang aborted transaction within banking group in order to
yesterday. Goh said to support the Valley has started to feel the Kuala Lumpur City Centre strengthen their capital base.
Goh said nobody knew how property market, incentives effects of the global financial in 2008 was the RM733.63 Maybank dropped 14 sen to RM4.96, Bumiputra-Commerce
long and how deep the down- be given to increase the dis- crisis and domestic political fac- million purchase of Menara dipped 35 sen to RM6.55 while Public Bank fell 30 sen to RM8.50.
turn would be and its impact posable income of potential tors that created uncertainty. Citibank by IOI Corp Bhd The dealers said losses on plantation counters over worries of
on the property market. housebuyers such as a tax “As the year drew to a where the RM73.36 million global demand, further dragged down the local bourse.
“Although the situation deduction on housing loans close, the only optimism was deposit was forfeited. Cargo surveyor Societe Generale de Surveillance reported yes-
may be more drastic than the interest rates and tax-free created by the falling fuel On the markt outlook in terday that exports of Malaysian palm oil products for February
1997 Asian financial crisis, as rental income. costs that had soared to an the Klang Valley this year, fell 12.4% to 1.161 million tonnes from the 1.325 million tonnes
the downturn has impacted Last year, Goh said, the all-time high in the middle Goh said the office sector shipped in January.
the economy on a global scale, Malaysian property market of the year,” he said when would see a downward For the plantation-based stocks, Sime Darby dropped 20 sen to
pressure on rentals as de- RM5.45, IOI Corp lost four sen to RM3.66 and Kuala Lumpur Kepong
mand fell. declined five sen to RM9.90.
EON Bank targets 10% deposits growth However, he said, the
prime Grade A offices in
The dealers said overall trading yesterday was volatile, in a
knee-jerk reaction by the local bourse to Malaysia’s gross domestic
KUALA LUMPUR: EON Bank Bhd is targeting grand prize presentation of the bank’s Cash the city centre would not product (GDP) growth, for the fourth quarter of 2008.
to achieve 8-10% growth for its total customer Surprise 2 campaign yesterday. be badly affected due to The economy grew at its slowest pace in eight years during the
deposits this year. Lor said that mortgages, hire purchases and supply constraints. fourth quarter at just 0.1% from 4.7% in the third.
Head of group consumer banking, Michael credit cards were among the major segments “Similarly, residential In light of the weak growth, the dealers said investors were
Lor Chee Leng, in stating the target, said total in the consumer banking growth ranging from properties, especially land- anxiously awaiting the second stimulus package and its impact on
customer deposits growth last year was 21%, 6% to 12% last year. ed properties in Klang Val- the overall economy.
amounting to RM4.5 billion. Asked whether the bank could achieve the ley in the prime residential The second package is due for release on March 10.
Lor said the bank was targeting 8% in loan same percentage this year, he said: “We are suburbs, are unlikely be Hence, dealers say, gains from construction-based stocks are
growth this year from 6% last year and it banked hoping to do the same this year despite the severely affected,” he said. expected to boost the local bourse as companies related to it are
on the growth in customer deposits to fund loan more challenging economic environment. With – Bernama likely to reap benefits from the second stimulus plan. – Bernama
growth. “We are still looking at a lot of custom- all our infrastructure in place, I think we are
ers coming in to apply for housing and car loans, ready to try to address the needs of Malaysians
and credit cards,” he told reporters after the through this difficult time.” – Bernama