16 theSun | WEDNESDAY MARCH 11 2009

KLCI 855.25  2.97

T Nikkei 7,054.98 T
31.05
business STI 1,485.75 S
28.80 TSEC 4,671.01 S
42.78
Hang Seng 11,694.05 349.47
S KOSPI 1,092.20 S
20.47
SSE 2,158.57 S
39.82 S&P/ASX200 3,184.50  30
S

KL market summary
MARCH 10, 2009

Finance stocks weigh down Bursa INDICES

FBMEMAS 5,565.81
CHANGE
-32.63
SHARE prices on Bursa Malaysia closed lower sentiment, Bernama reports. COMPOSITE 855.25 -2.97
yesterday led by the downtrend on finance stocks However, the second stimulus package worth INDUSTRIAL 2,056.85 -1.43
on rising bad debts and lower loan borrowings, RM60 billion presented by Deputy Prime Minister CONSUMER PROD 279.29 -1.09
which dragged the key index to the negative and Finance Minister Datuk Seri Najib Abdul Ra- INDUSTRIAL PROD 64.82 -0.43
CONSTRUCTION 162.43 +0.09
territory, dealers said. The KLCI declined 2.97 zak late yesterday afternoon is expected to help
TRADING SERVICES 113.86 +0.10
points or 0.346% to close at 855.25. the market perform better. FINANCE 6,362.45 -129.61
Dealers said continued concerns over the Finance stock Public Bank lost 50 sen to RM7.50 PROPERTIES 512.32 -4.78
economy have affected market sentiments, after CLSA Asia-Pacific Markets downgraded the PLANTATIONS 4,396.52 +41.61
especially in the crucial financial sector, adding bank. Hong Leong went down 14 sen to RM4.42, MINING 241.15 UNCH
that the downtrend was in line with the regional BIMB Holdings declined 1.5 sen to 80.5 and AMMB FBMSHA 5,945.57 +7.86
sentiment after the overnight fall on Wall Street. Holdings decreased two sen to RM2.43. FBM2BRD 3,917.13 -26.49
An analyst said the World Bank’s projection Among the heavyweights, Sime Darby TECHNOLOGY 11.76 -0.45
that the global economy would shrink for the increased five sen to RM5.55, Tenaga rose 10 sen TURNOVER VALUE
first time since World War II and trade could fall to RM6.20, TMI went down five sen to RM5.50,
372.025mil RM785.163mil
to its lowest point this year, had eroded investors and YTL Corp edged up five sen to RM6.95.

Federer

Japan set for double-digit set to

shake off
rust at
Indian
Wells

contraction in Q1: Survey pg 27

TOKYO: Japan’s economy is expected to suf-
fer another double-digit contraction in the first
quarter of 2009 because of collapsing exports,
according to a survey of analysts published
yesterday.
The economy is seen shrinking by an an-
nualised 10.41% in the three months through
March, according to a poll of 36 senior Japa-
nese economists by the government-affiliated
Economic Planning Association.
Asia’s biggest economy is expected to con-
tract for six straight quarters through the three
months to September 2009, the survey said.
It forecast that the unemployment rate
would rise above 5% later this year, up from
4.1% in January, as firms slash jobs to stay
afloat.
Finance Minister Kaoru Yosano vowed to
“take every possible economic measure” to
fight the recession as the Nikkei stock index
fell to a new 26-year low.
Japan’s export-dependent economy has
been hammered by a worldwide drop in de-
mand for the cars, hi-tech goods and machin-
ery for which it is famous, putting it on course
for its worst recession since World War II.
The economy contracted 12.7% on an an-
nualised basis in the last quarter of 2008, the
worst performance in almost 35 years, the
government said last month.
There are concerns that the figure might be
revised on Thursday to show an even bigger
decline. The latest batch of data from Japan
underscored the worsening health of the
economy, with machine tool orders plunging
83.9% in February from a year earlier, down
for an eighth straight month.
An index of leading indicators that is seen
as a guide to the direction of the economy
dropped 2.3 points to 77.1 in January for a
fourth straight monthly decline, the Cabinet
Office reported. – AFP

briefs
P1’s new packages offer
lowest monthly subscription
KUALA LUMPUR: Packet One Networks (M) Sdn
Bhd’s (P1) latest broadband packages will offer
among the highest data allowances at the lowest
monthly subscription.
In a statement yesterday, P1 said the new
packages, ranging from as low as RM49 to RM199
a month, were part of its consumer-centric ap-
proach in striving to accommodate the needs of
its customers in the best way possible.
Chief executive officer Michael Lai said P1
was a new and competent challenger in the
competitive industry and to stay competitive,
differentiation was important.
“We are heading in the right direction. Like
many shared broadband service providers,
mechanisms to ensure that each customer
enjoys the best performance are common and
necessary,” he said.
Lai, however, said P1’s fair usage policy (FUP),
had key differences to the ones Malaysians were
used to, making it more consumer-friendly.
“FUP is a typical and necessary component
for almost all shared service broadband providers
around the world.
“The shared broadband service, whereby the
connection to the Internet is shared between
multiple users, allows providers to offer afford-
able packages which meet the requirements of
almost broadband users,” he said. – Bernama
UOB introduces new debit
MasterCard
KUALA LUMPUR: United Overseas Bank (Ma-
laysia) or UOB, has introduced a new debit Mas-
terCard that allows customers the convenience
of paying without cash but still have total control
over their finances.
“We believe the new debit MasterCard will
benefit our current and savings account (CASA)
customers,” said UOB director and chief execu-
tive officer, Chan Kok Seong.
In a statement yesterday, he said that customers
do not have to worry about over spending as the
purchases are drawn directly form their CASA.
In conjunction with the new debit MasterCard,
selected UOB branches will remain open on Sat-
urdays and also be extending the banking hours.
– Bernama
Most M’sians still upbeat on
property market
KUALA LUMPUR: The majority of Malaysians
are still confident and optimistic about the
country’s property market, said iProperty.com,
Malaysia’s number one property website, in its
latest survey.
The website, which is part of the iProperty.com
group, said results of two separate polls, which
were carried out from Jan 22 to Feb 26 this year in
three countries, namely Malaysia, Singapore and
Hongkong, found that Malaysians were the most
optimistic of the sector.
It said respondents were also waiting for a
turnaround in the market before selling their
properties in order to get better prices.
Executive chairman of iProperty.com group
Patrick Grove said the confidence of Malaysian
property hunters could be due to the fact that
the impact of the US financial crisis has been less
profound in Malaysia compared with the other
two countries. – Bernama
HSBC Malaysia wins four
banking awards
KUALA LUMPUR: HSBC Bank Malaysia Berhad has
won four prestigious awards in conjunction with
the recent Transaction Banking Awards 2009.
HSBC won the awards for Best Trade Finance
Bank, Best Subcustodian Bank, Best Transaction
Bank and Best Domestic Custodian in Malaysia.
The awards are organised by financial publica-
tion, The Asset.
In a statement yesterday, HSBC deputy chair-
man and chief executive officer Irene M Dorner
said she was delighted with the company’s
success in securing the accolades.
“It highlights our commitment to understand-
ing clients’ needs in these important markets.
“Our on-the-ground presence and reach,
combined with the ability to effectively partner
clients, continues to distance HSBC’s integrated
offering from those offered by competitors,” she
added. – Bernama
Saga to take
centrestage
at Tokyo
expo
TOKYO: The Proton Saga will take centre-
stage at the coming 8th International Auto
Aftermarket Expo 2009 (IAAE) on Friday
as a symbol of Malaysia’s capability to
produce quality cars in the region.
Japan External Trade Organisation (Jetro)
director in Malaysia, Tomoko Fukada, said
although the IAAE 2009 catered more to
the car parts market, Proton
Holdings Bhd’s presence would give a
boost to the 11 Malaysian parts manufac-
turers who had been invited to participate
in the event by Jetro in collaboration with
the Malaysian External Trade Development
Corp (Matrade).
“We will just show the Proton car. At
this moment Proton has no plans to sell its
cars in Japan because the latter’s market
is competitive.
“This is just a symbol of Malaysia’s car-
maker’s capability to create this kind of car
as in Japan,” she told Bernama yesterday.
Fukada said Jetro, together with Mat-
rade, would help Malaysian parts firms
as the exhibition would give them the
opportunities to work together and forged
partnerships with the Japanese.
She said their participation was part of
the Malaysia Japan Automotive Industry
Cooperation, or MAJAICO Project.
It is part of the Economic Partnership
Agreement between Japan and Malaysia
sealed in July 2006, she said.
IAAE 2009, which will be held at the
Tokyo International Exhibition Centre, or
Tokyo Big Sight, will gather experts and
representatives from car-related busi-
nesses in Japan and across the world to
update each other and share views on the
business trends. – Bernama