14 
business
KLCI 872.55
STI 1,699.99 26.85
Hang Seng 13,576.02 119.69
SSE 2,373.21 15.17
KL market summary
Bursa on firm note
SHARE prices on Bursa Malaysia ended mostly
firmer across-the-board yesterday in line with
regional uptrend, dealers said.
They said, however, the losses in the plan-
tation sector limited the gains.
SJ Securities analyst, Phua Kwee Hock,
said the local market’s upside would likely be
capped at 876 for the week as it was likely
to soften ahead of trade and jobs data on
Friday.
The benchmark KLCI rose 3.21 points to
close at 872.55 after opening 2.13 points lower
at 867.21.
Gainers led losers by 280 to 179 while 176
counters were unchanged, 635 untraded and
58 others suspended.
Among the actives, Resorts World added
six sen to RM2.14, IOI Corp dropped 10 sen
to RM3.80, KNM Group increased 10 sen to
38.5 sen, Maybank rose 20 sen to RM3.86 and
Malaysian Resources inched up one sen to 85
sen.
Asia growth to halve
this year, warns ADB
HONGKONG: Growth in Asia’s
developing nations will almost
halve this year, the Asian Develop-
ment Bank said, while data from
Japan showed unemployment in
the region’s leading economy was
at a three-year high.
Days before G20 leaders meet
to discuss a way out of the worst
global downturn in 70 years, Fortis
financial holding group revealed
US$37 billion (RM133.2 billion) in
losses, further underscoring the
depth of the crisis.
The Asian Development Bank
(ADB) said Asia’s developing
economies would expand by just
3.4% this year, down from the
6.3% seen last year and 9.5% in
2007.
The slowdown will mean more
than 60 million people in the re-
gion will remain mired in poverty,
the bank said in its annual Asian
Development Outlook.
“The short-term outlook for
the region is bleak as the full
impact of the severe recession
in industrialised economies is
transmitted to emerging markets,”
said ADB acting chief economist
Jong-Wha Lee.
However, it predicted an
expansion of 6% in 2010.
The report said China, the ma-
jor driver of the region’s growth
in the past decade, would expand
by 7% this year, much below
Beijing’s target of 8% seen as the
briefs
Maybank: Ringgit to hit
3.50 by year-end
KUALA LUMPUR: The ringgit is
expected to strengthen to RM3.50
against the US dollar by year-end from
between RM3.60 and RM3.65 currently,
said Maybank Investment Bank Bhd.
Its chief economist/vice-president
Suhaimi Ilias said the gain was in line
3.21 Nikkei 8,109.53
TSEC 5,210.84
KOSPI 1,206.26
S&P/ASX200 3,582.10
INDICES
FBMEMAS 5,701.13
COMPOSITE 872.55
INDUSTRIAL 2,100.19
CONSUMER PROD 284.99
INDUSTRIAL PROD 65.86
CONSTRUCTION 168.00
TRADING SERVICES 116.65
FINANCE 6,541.58
PROPERTIES 504.37
PLANTATIONS 4,487.74
MINING 224.94
FBMSHA 6,019.77
FBM2BRD 3,872.38
TECHNOLOGY 11.14
TURNOVER
382.543mil RM759.104mil
Of the heavyweights, Sime Darby, Tenaga
and Bumiputera Commerce each dipped five
sen to RM5.70, RM6.10 and RM6.85 respec-
tively.
MISC increased five sen to RM8.35 and
Public Bank added 10 sen to RMRM7.55.
– Bernama
minimum required to prevent
mass unemployment.
The report looks at the prospects
for 44 jurisdictions stretching from
the former Soviet states of Central
Asia to some of the tiny Pacific
islands. It excludes developed
countries such as Japan, Australia
and New Zealand.
Several of the region’s most
export-dependent economies,
including Hongkong, Taiwan,
South Korea, Malaysia, Singapore
and Thailand, will contract in
2009, the report said.
In Japan, the world’s second
largest economy, officials released
figures showing unemployment
hit 4.4% in February, matching a
high last seen in January 2006.
Tokyo said the figures showed
there were only 59 available jobs
for every 100 job-seekers.
At the same time the govern-
ment said consumer spending
fell 3.5% month-to-month as the
economic powerhouse heads for
its worst recession since World
War II.
“There is no good news in
those data,” said JP Morgan senior
economist Masamichi Adachi.
Japan’s heavily export-
dependent economy shrank at an
annualised pace of 12.1% in the
last quarter of 2008, as the down-
turn has dried up demand for
its cars, hi-tech goods and other
popular exports. – AFP
with the weakening US dollar as the
governments, especially in the US,
would have to finance their huge fiscal
deficit of US$1 trillion a year.
“I don’t think they can actually tap
the saving and surplus of East Asia.
Most likely they will have to print
money which is what they have
already started to do.
“When you print money, it will
increase supply relative to demand,
prices of goods or services or even
mining will have to come down,”
he told reporters on the sidelines of
Financial Planning Seminar yesterday.
Suhaimi said Malaysia’s economy
would likely recover from technical
theSun | WEDNESDAY APRIL 1 2009
126.55
4.79
8.80
22.30
MARCH 31, 2009
CHANGE
+25.06
+3.21
+6.37
+1.62
+0.32
+1.7
+0.65
+81.07
+1.19
-52.84
unch
-3.25
-16.31
+0.03
VALUE
World Bank plans
new US$50bil
trade funds
LONDON: World Bank chief Robert Zoellick
announced plans yesterday for a new US$50-billion
Call to
(RM180 billion) trade liquidity fund, urging G20
use new leaders to back it when they meet in London this
media week.
Speaking two days before a summit of the Group
pg 15
of 20 developed and emerging economies, he said
the fund would be a key part of plans by British
Prime Minister Gordon Brown, who will host the
gathering.
“Today, the World Bank group’s board is consider-
ing a new proposal: the launch of a US$50-billion
Global Trade Liquidity Programme,” said Zoellick.
“I hope the G20 leaders will endorse this trade
liquidity initiative. G20 backing will help us gain more
momentum,” he added.
Last week Brown and Brazil’s President Luiz Ina-
cio Lula da Silva proposed creating a US$100-billion
global fund to spur trade amid the world cash crunch
during a pre-G20 summit trip by Brown.
Zoellick said his call was the “cornerstone” of the
fund proposed by Brown.
The Global Trade Liquidity Programme would
combine a US$1 billion investment from the World
Bank with financing from governments and regional
development banks, he said. – AFP
recession by the fourth quarter of this conjunction with the Automechanika
year with the support from speedy Malaysia 2009, attracted 35 foreign
implementation of fiscal stimulus companies with 63 representatives
package. – Bernama from 14 countries, including the US,
UK, United Arab Emirates, Saudi Arabia,
Parts firms secure Columbia, Egypt, China, Laos, Algeria,
Singapore, Thailand, the Philippines
RM20mil in sales and Vietnam.
KUALA LUMPUR: Malaysian motor Matrade said a total of 75 Malaysian
vehicle parts and component compa- companies registered with the corpora-
nies recorded actual sales of RM20.62 tion for the pre-scheduled meetings
million with an additional RM89.38 mil- during the event. It said the products of
lion in potential sales at the Incoming interest included shock absorbers, front
Buying Mission held last Wednesday. and rear axles, truck parts, brake systems
In a statement here yesterday the suspension systems, automotive rubber
Malaysia External Trade Development parts, batteries, car care products, car
Corp (Matrade) said the event, held in mats, timing belts and radiators.