theSun | FRIDAY MARCH 13 2009  17

838.39 T
11.98 7,198.25 T
177.87
business KLCI
STI 1,493.53 T
11.98
Nikkei
TSEC 4,754.65  5.31
T
Hang Seng 12,001.53 S
70.87 KOSPI 1,128.39  0.88
S
SCI 2,133.88  5.14
T S&P/ASX200 3,235.50  8.90
T

World Bank: Global

BEIJING/TOKYO: The global
economy may shrink 1-2% this
year, World Bank president
Robert Zoellick said, as revised
Japanese data confirmed the
world’s No 2 economy suffered

economy to shrink 1-2%

its deepest slump since the oil
shock of 1974.
The latest grim snapshot of
the world economy highlights
the need for urgent action as
G20 finance chiefs prepare to
meet in Britain, but doubts have
emerged whether they will
make much headway due to
divisions over how best to fight
the downturn.
“We haven’t seen numbers
like that since World War Two,
which really means the Thir-
ties. So these are serious and
dangerous times,” Zoellick told
Britain’s Daily Mail.
China saw industrial output
growth shrink to a near stand-
still at the start of the year, but a
continued surge in bank lending
in February spurred optimism
of a rebound soon.
Asian share markets mostly
fell, as a burst of optimism
fuelled by Citigroup revealing it
had been profitable for the first
two months of the year proved
short lived. In export-driven Ja-
pan, companies such as Toyota
Motor Corp and Sony Corp have
been aggressively scaling back
production and cutting jobs to
cope with collapsing demand.
Revised data yesterday
showed the economy shrank
3.2%, or an annualised 12.1%,
in October-December, slightly
less than the initial estimate.
A rise in inventories led to
the slight revision, but analysts
said that was nothing to cheer
as it reflected slowing demand
both at home and abroad and
not companies’ appetite to
produce more.
in January and February
from 5.7% in December, the
National Bureau of Statistics
said, The median forecast of 25
economists polled by Reuters
was for a rise of 6.4%.
Finance ministers from
the G20 group and emerging
powers meet this weekend in
Britain to prepare for a sum-
mit in London on April 2.
But the emphasis on
economic stimulus has been
met coolly by many European

market summary
“The data confirm that Ja- nations, who are more focused
pan’s economic state is quite on regulatory reform.
MARCH 12, 2009 severe. We see a sharp decline “What we’re seeing hap-
in exports, which puts Japan in pen around the world now is
Share prices INDICES CHANGE a bad situation because exports without recent precedent,” US
close lower FBMEMAS
COMPOSITE
5,441.85 -82.47
838.39 -11.98
are falling everywhere,” said
Seiji Adachi, senior economist
Treasury Secretary Timothy
Geithner said on Wednesday,
SHARE prices on Bursa INDUSTRIAL 2,036.27 -23.39 at Deutsche Securities. adding he wanted the G20
Malaysia closed lower CONSUMER PROD 278.43 -1.19 The Nikkei average fell to “put in place the kind of
yesterday, extending its INDUSTRIAL PROD 63.79 -0.74
1.1%, after surging nearly 5% substantial, sustained commit-
CONSTRUCTION 160.31 -2.26
downtrend, on continued TRADING /SERVICES 112.00 -1.50 in the previous session alone. ment to stimulus necessary to
selling pressure in key FINANCE 6,135.97 -138.13 China’s annual industrial lay the foundation for recov-
heavyweights such as Sime PROPERTIES 495.44 -12.47 output growth slowed to 3.8% ery”. – Reuters
Darby, Maybank and Public PLANTATIONS 4,360.54 -15.06
Bank, dealers said. MINING 241.15 UNCH
FBMSHA 5,852.90 -69.04
The benchmark Com-
FBM2BRD 3,793.55 -81.35
Aussie jobless rate at four-year high
posite Index (CI) fell 11.98
points to close at 838.39, TECHNOLOGY: 11.72 -0.09 MELBOURNE: Australia’ s unemployment rate hit a four-year high of
after opening 0.8 of a point 5.2% in February as the “global economic cyclone” tore into the job
TURNOVER VALUE
lower at 849.57 compared 352.179mil market, Prime Minister Kevin Rudd said yesterday.
RM584.885mil Rudd said the figures showed the government was right to press
to Wednesday’s close of
850.37. ahead with a 42 billion Australian dollar (RM102 billion) stimulus
The dealers said the Second Board and Mesdaq counters also package to help cushion an economy that analysts say may have
remained under profit taking pressure after the recent gains amid already tipped into recession.
the bearish sentiment due to the global economic slowdown. “No government can stop a global economic cyclone from coming
Investors reduced their holdings quickly, especially in plantation across our shores, but a responsible government seeks to reduce the
stocks, after palm oil stockpiles dropped by 15% in February while impact of that damage,” he told parliament. Madoff’s new surroundings at the Metropolitan Correc-
output and export declined by 11% and 7.2% respectively. Rudd said the global downturn was directly affecting Austral- tional Centre (MCC), across from the federal courthouse
“We are seeing some weakening in buying sentiment,” a dealer ian jobs, citing a more than 25% fall in exports recorded by China, in lower Manhattan, will be a far cry from the opulent
said, adding that the estimated support and resistance level tomor- Australia’s largest trading partner, in February. – AFP lifestyle to which he has been long accustomed.
row will be at 800 and 850 respectively. The 70-year-old former Nasdaq chairman who
Throughout the trading session, the KLCI moved between Madoff goes from penthouse to jailhouse pleaded guilty to fraud yesterday in one of the largest
836.51 and 849.57. NEW YORK: Multimillionaire swindler Bernard Madoff is leaving Ponzi schemes in history, will likely share an 2.5m-by-2.5m
Losers led gainers by 389 to 150 while 187 counters traded the luxury of his Manhattan penthouse to become just another cell with another inmate while he awaits sentencing,
unchanged, 518 untraded and 32 others suspended. – Bernama inmate in a crowded jail. scheduled for June 16 by judge Denny Chin. – Reuters