theSun | TUESDAY MARCH 10 2009 15

business

KL market summary
why did we not act sooner?”

briefs
Bursa likely to
MARCH 6, 2009
he said. – AFP
INDICES CHANGE
Maybank gets FBMEMAS 5598.44 -77.58
‘M’sian economy SC approval COMPOSITE 858.22 -11.02
INDUSTRIAL 2058.28 -12.51
‘buckling’ under for rights issue CONSUMER PROD 280.38 -2.18

open flat this week

global slump’
KUALA LUMPUR: Malaysia’s
economy is “buckling under
the pressure of a global reces-
sion” and could contract by 2%
this year, Opposition Leader
Datuk Seri Anwar Ibrahim has
warned.
He said at least 400,000
people risk losing their jobs this
year. “The days and months
ahead will not be easy,” he said
in comments published on his
blog late Sunday.
“Our economy is buckling
under the pressure of a global
recession. Every month that
passes more factories are
closed and more jobs are lost.
Some groups have predicted
nearly 400,000 more are at risk
in 2009.”
Anwar made the remarks
ahead of Deputy Prime Minis-
ter and Finance Minister Datuk
Seri Najib Abdul Razak’s an-
nouncement today of the sec-
ond stimulus package aimed at
preventing the economy from
slipping into recession.
A government official told
AFP the package is worth up to
US$9.4 billion (RM35 billion).
Anwar lashed out at the
government for implement-
ing the stimulus package late
when “our primary export mar-
kets in Singapore, the US and
the European Union warned of
recession months ago”.
“The question arises then
KUALA LUMPUR: Malayan
Banking Bhd’s (Maybank)
proposed renounceable
9-for-20 rights issue has
received Securities Commis-
sion’s approval last week.
The SC also approved a
waiver from providing the
underwriting arrangement
in respect of the Employees
Provident Fund (EPF) board’s
entitlement of the proposed
rights issue pursuant to
Paragraph 6.10 of the SC’s
Guidelines on the Offering
of Equity and Equity-linked
Securities (SC Guidelines),
said Maybank Investment
Bank Bhd (MIB) on behalf
of Maybank. Also approved
was the waiver from the
requirement for MIB to act
as an underwriter for the
proposed rights issue pursu-
ant to Paragraph 6.13 of the
SC’s Guidelines.
Bursa Malaysia Securities
Bhd has also approved May-
bank’s application to allow
it to announce the book clo-
sure date for the proposed
rights issue prior to the ap-
proval of the shareholders of
Maybank in an extraordinary
general meeting to be con-
vened on March 23.
On March 5, Maybank an-
nounced the issue price for
the rights issue have been
fixed at RM2.74 per share.
– Bernama
BURSA Malaysia is expected to
open flat or slightly weaker this
week as investors await details of
the second stimulus package which
will be tabled in Parliament today,
dealers said.
They said amid the lingering
gloom in the global economy,
investors will likely to be cautious
although some sectors such as con-
struction and healthcare might see
some positive movements.
A dealer said IJM Corp, Malay-
sian Resources Corp and Gamuda
are likely to be in the limelight this
week. “These companies have the
potential to inch up as they are likely
Nikkei at to gain from the second stimulus
package,” he said.
26-year He said, however, Maybank
low would be under pressure from
pg 16 foreign selling due to its rights issue
price of RM2.74 apiece.
On Friday, Maybank fell 28 sen to
end at a new low of RM4.54.
He said market players were
less excited about the timing and
size of the issue although they
acknowledged Maybank’s intent
to strengthen its capital base for its
strategic transformation and organic
growth purposes.
The dealer said Maybank shares
are likely to come under pressure
INDUSTRIAL PROD 65.25 -0.39
CONSTRUCTION 162.34 -2.20
TRADING/SERVICES 113.76 -1.33
FINANCE 6492.06 -159.60
PROPERTIES 517.10 1.12
PLANTATION 4354.91 -15.03
MINING 241.15 UNCH
FBMSHA 5937.71 -49.71
amid continuous sell- FBM2BRD 3943.62 -8.65
ing by foreign funds, TECHNOLOGY 12.21 -0.36
adding this will push
TURNOVER VALUE
the KLCI to a weak
support level at 810. 282.249mil RM469.575mil
However, another
dealer said, a market
rebound is possible on bargain hunt- and the Plantation Index decreased
ing as cheaper valuations would 19.13 points to 4,354.91.
attract investors and traders. The FBMEmas declined 248.63
“We may see buying interests points to 5,598.44, FBM30 dipped
resuming ahead of the stimulus 294.24 points to 5,498.64, FBM2BRD
package. fell 36.74 points to 3,943.62 and
“Nonetheless, we caution that FBM-MDQ slipped 73.63 points to
given the KLCI’s small retracement 3,034.65.
compared with regional markets, Volume for the week increased
there is risk of a sharp sell-down to 1.787 billion shares valued at
towards month-end,” he said. RM2.998 billion from 1.719 billion
Last week, trading was weak and shares worth RM2.891 billion the
volatile due to lack of positive eco- previous Friday.
nomic indicators locally and aboard. Main Board turnover rose to
Finance stocks were most im- 1.557 billion units worth RM2.952
pacted on anticipation that banks billion from 1.514 billion units worth
would see a period of rising non- RM2.848 billion previously.
performing loans, concerns on the Volume on the Second Board
domestic economic growth as well climbed to 105.469 million shares
as the financial crisis in US. worth RM29.034 million from 73.083
The KLCI fell by 32.45 points to million shares worth RM27.470 mil-
close the week at 858.22, its lowest lion the previous Friday.
since October last year, from the Turnover on the Mesdaq Market
previous week’s closing of 890.67. rose to 54.921 million shares worth
The Finance Index dropped 517.6 RM10.468 million from 45.534 mil-
points to 6,492.06, the Industrial In- lion shares worth RM9.742 million
dex declined 50.07 points to 2,058.28 the preceding week. – Bernama