14 theSun | WEDNESDAY APRIL 8 2009

919.84  3.93 8,884.45

business KLCI
STI 1,802.39
T
T
45.59
Nikkei
TSEC 5,576.85
S
26.52
S
20.63
Hang Seng 14,928.97 T
69.07 KOSPI 1,300.10  2.25
S
SCI 2,439.18 S
19.40 S&P/ASX200 3,706.30 T
50.30

World Bank: China stimulus

to sustain Asia’s growth
TOKYO: Growth in the econo- emerging countries to return and subsequent growth in said, down from an earlier
KL market summary
INDICES
APRIL 6, 2009
CHANGE
mies of East Asia and the Pacific to high growth, because the fi- developed countries.” forecast for 7.5% growth and FBMEMAS 6,037.95 -25.85
will slow this year because of nancial system in the developed Vikram Nehru, the World compared with 9% growth last COMPOSITE 919.84 -3.93
the financial crisis but China’s world is still at risk of turmoil, Bank’s chief economist for year, as export demand weak- INDUSTRIAL 2,176.52 +24.80
multi-billion dollar stimulus the bank said, highlighting the East Asia said the continent’s ens in the United States, Europe CONSUMER PROD 290.00 -0.86
will secure their status as the difficulty all countries face in economies were engulfed in a and Japan. INDUSTRIAL PROD 68.24 +0.19
CONSTRUCTION 183.21 +1.07
world’s fastest growing region, shaking off the global slump. perfect storm. However, Beijing’s US$587 TRADING SERVICES 123.21 +0.80
the World Bank said. “A return to stronger eco- “In the last four months, billion (RM2.113 trillion) stimu- FINANCE 6,850.93 -181.61
Gross domestic product in nomic expansion in China things have gone from bad to lus will help it shift growth to PROPERTIES 543.65 +2.12
developing East Asia will rise next year should help support worse in many of the advanced personal consumption and PLANTATIONS 4,762.05 -30.68
5.3% this year, according to growth among the countries economies. The decline in spending on services, the World MINING 243.17 -6.08
World Bank forecasts released of the East Asia and Pacific production, the decline in the Bank said in its twice-yearly FBMSHA 6,375.09 +25.36
FBM2BRD 3,954.69 -0.27
yesterday. That is down from region,” the World Bank said in availability of credit, all of these report.
TECHNOLOGY 11.52 +0.05
its previous estimate for 6.7% its East Asia Update report. factors are now leading to a Government investment and
growth made in December “But a sustainable recovery substantial increase in unem- banks’ small exposure to losses TURNOVER VALUE
and lower than last year’s 8% will ultimately depend on ployment,” he told journalists on the US mortgage derivatives 803.731mil RM1.22bil
as the crisis crimps exports and developments in the advanced in a conference call. that sparked the global slump
domestic demand. economies. There are substan- China will expand 6.5 per- will also help China grow, it
Still, it may take longer for tial downside risks for recovery cent this year, the World Bank said. –- Reuters
Prices end mixed
SHARE prices on Bursa Malaysia closed mixed yes-
Japan seeks to spend its way out of recession again terday as buying activities were limited to profit-taking
in selective plantation and finance related counters,
TOKYO: Japan, eyeing another the country’s worst economic ity,” he said. badly hurt by the global down- dealers said.
stimulus package of at least crisis since World War II, ana- The massive spending boost, turn, which has caused its The KLCI fell 3.93 points to 919.84, after opening
US$100 billion (RM360 billion) lysts said. which is expected to be outlined exports to halve over the past 4.04 points lower at 919.73.
is once again trying to spend “Ten trillion yen is size- in more detail on Friday, puts year. A dealer said the buying momentum was weak as
its way out of recession and able enough to stimulate the Japan back on familiar ground. The economy logged its sentiment was dampened by the overnight downtrend
avoid another “lost decade” of economy,” said Toru Shimano, The Asian giant spent trillions worst performance in almost 35 on Wall Street.
economic stagnation. an economist at Okasan Securi- of yen in the 1990s in an effort to years in the last quarter of 2008, TA Securities said the local stock market paused for
Tokyo’s latest shot in the arm ties. resuscitate the economy after a contracting at an annualised profit-taking consolidation yesterday on uncertainties
for the world’s second largest “Although fiscal stimulus burst asset bubble ushered in a pace of 12.1%. ahead of the outcome from the keenly watched three
economy – expected to include measures would worsen the decade of recession, economic The government has de- by-elections.
spending of ¥10 trillion (US$100 public deficit, tackling the cur- stagnation and deflation. scribed the financial crisis as Among the actives, Maybank-OR fell 36 sen to
billion) or more – should ease rent recession is the top prior- Japan’s economy has been the worst since WWII. – AFP RM1.06, KNM declined half sen to 43.5 sen, MRCB
increased 3.5 sen to 97.5 and Maybank lost 24 sen
to RM3.92.
Of the heavyweights, Sime Darby rose 25 sen
World toxic debt may hit project ever, opting to retain government
control rather than contract out the deal.
to RM6.15, Tenaga declined 10 sen to RM6.30 and
US$4 trillion: Paper Telekom rose four sen to RM3.46. – Bernama
briefs
Calling Australia a “broadband backwater,”
TOKYO: Toxic debts racked up by banks Prime Minister Kevin Rudd said the current
and insurers could spiral to US$4 trillion network was hampering the economy and
(RM14.4 trillion), new forecasts from the
International Monetary Fund are set to
compared the importance of the project to
the appearance of electricity in the 20th cen-
IDC expects IT market
Australia cuts rates by 25 suggest, British daily The Times reported
on its website without citing sources.
tury. “Slow broadband is holding our national
economy back.” – AFP
to contract 1%
basis points to 49-year low The IMF said in January it expected the KUALA LUMPUR: Global provider of marketing
SYDNEY: Australia’s Reserve Bank cut deterioration in US-originated assets to reach BNM international reserves intelligence IDC is expecting the PC market to contract
the official cash rate by 25 basis points to US$2.2 trillion by the end of next year. by 1% for the first time since 1998.
a 49-year low of 3% yesterday, resuming a But it is understood to be looking at up to RM320.7bil Last year, IDC’s Asia/Pacific Quarterly PC Tracker
series of reductions aimed at stimulating the raising that to US$3.1 trillion in its next KUALA LUMPUR: Bank Negara Malaysia’s results in the fourth quarter had indicated that Ma-
economy. assessment of the global economy, due to (BNM) international reserves rose to RM320.7 laysia’s PC market had dropped sequentially by about
“The (Bank) board judged that there was be published on April 21, the newspaper billion on March 31, this year from RM314 bil- 19.7%, but grew 4.9% year-on-year to reach 493,000
scope for a further modest adjustment to reported. In addition, it is likely to boost lion as at March 13. units in the last quarter of 2008.
the cash rate,” Reserve Bank governor Glenn that total by US$900 billion for toxic assets In a statement yesterday, BNM said the “The significant quarter-on-quarter decline was
Stevens said. originated in Europe and Asia, the Times reserves position was sufficient to finance due to the overall bleak market sentiments. News on
“The stance of monetary policy, together said. – Reuters 7.9 months of retained imports and was four job retrenchments, pay cuts and businesses shutting
with the substantial fiscal initiatives, will times the short-term external debt. down dramatically affected the retail space,” said
IDC Malaysia market analyst for personal systems
provide significant support to domestic de- Australia announces The central bank said the reserves level as
at March 31 took into account the quarterly research Jaygan Fu Ponnudurai in a statement.
mand over the period ahead.”
The Reserve Bank has cuts rates from US$30bil broadband plan adjustment for the foreign exchange revalua- This year, IDC expects PC vendors and channel
7.25% since last September, pausing only CANBERRA: Australia announced plans yes- tion gain following the strengthening of some players to aggressively target the remaining few green
once, last month, to assess the impact of the terday to build a US$30 billion (RM108 billion) of the major currencies against the ringgit fields in the market, mainly the mid to higher income
broadband network, its biggest infrastructure during the quarter. – Bernama earners, who may continue to spend despite the eco-
global downturn. – AFP
nomic slowdown. – Bernama