theSun | THURSDAY APRIL 2 2009 13

business KLCI
STI
884.18
1,702.26
11.63
2.27
Nikkei
TSEC
8,351.91
5,314.45
242.38
103.61
Hang Seng 13,519.54 56.48 KOSPI 1,233.36 27.10
SSE 2,408 34.80 S&P/ASX200 3,579.70 2.40

KL market summary

INDICES
APRIL 1, 2009

CHANGE
Prices firmer across the board
FBMEMAS 5,783.20 +82.07 SHARE prices on Bursa Malaysia ended on bought Maybank today,” he said.
COMPOSITE 884.18 +11.63 a firm note across the board yesterday, with Maybank rose 5.18% or 20 sen to end the
INDUSTRIAL 2,109.91 +9.72 bargain hunting in heavyweights especially in day at RM4.06.
CONSUMER PROD 287.63 +2.64 the banking sector, said dealers. Pong said the local bourse did not move in
INDUSTRIAL PROD 66.21 (+0.35
CONSTRUCTION 170.57 +2.57
The benchmark KLCI rose 11.63 points or line with some regional bourses that dipped
TRADING SERVICES 117.66 +1.01 1.33 % to 884.180 after opening 3.41 points along with the Dow futures market in late
FINANCE 6,684.08 +142.50 higher at 867.21. trading yesterday.
PROPERTIES 507.24 +2.87 Jupiter Securities head of research Pong “The Dow futures was down about 100
PLANTATIONS 4,546.08 +58.34 Teng Siew said that despite the thin volume, points and it took some regional indices with
MINING 224.94 unch the market received a boost from Maybank’s it like Singapore and Hongkong,” he said.
FBMSHA 6,086.78 +67.01 increased share price and reports from Bank Among the actives, KNM Group increased
FBM2BRD 3,901.16 +28.78 Negara that the credit market was coping 1.5 sen to 40 sen, Asia Bioenergy Tech was
TECHNOLOGY 11.15 +0.01
well in these difficult times. unchanged at 80 sen, WCT gained four sen
TURNOVER VALUE “The Bank Negara’s report on banking to RM1.12, TM International added 13 sen to
371.051mil RM493.910mil looks good, and those who previously had RM2.39 and Malaysian Resources added five
reservations about the rights issue also sen to 85.5 sen. – Bernama

Sarkozy warns G20 over

‘false compromises’
LONDON: Germany joined France yes-
terday in demanding tough action not
weak compromises from G20 leaders,
underlining the difficulties in reaching an
accord to haul the world out of recession
and toughen regulation.
French President Nicholas Sarkozy
said he would not associate himself with
“false compromises” at a summit on the
global financial crisis where US President
Barack Obama is making his first major
appearance on the international stage.
German Chancellor Angela Merkel
said she supports Sarkozy’s stance and
will make sure concrete decisions come
out of the summit.
She is pressing for the group to put its
focus on a regulatory crackdown rather
than public spending.
Obama, speaking after a meeting with
British Prime Minister Gordon Brown,
played down any differences, saying
there was “enormous consensus” about
the need to work in concert to deal with
the global financial crisis.
As G20 leaders gather in London
ahead of Thursday’s summit, Washington
is pushing hard for other governments
to pump more money into economic
stimulus programmes. But France and
“I will not
associate
myself
with a
summit
that would
Germany say they do not want this to has to take some steps to deal with a end with
distract from the need to regulate and contracting global market place and that a com-
rein in financial market excess. we should be promoting growth – that’s munique
Brown, hosting the summit and eager not in dispute,” Obama told a news
to hail it a success, said agreement was conference.
made of
“hours away” on issues including a pos- “We have a responsibility to co- false com-
sible US$100 billion (RM370 billion) boost ordinate our actions and to focus on promises
for global trade, financial regulation, and common ground, not on our occasional that would
support for economic growth and job differences.” not tackle
creation. Sarkozy says leaders, who held a
But divisions were evident. first crisis summit in November, must the issues
Sarkozy did not explicitly repeat a do more than renew pledges to restore that
threat to walk out of the gathering but growth and crack down on financial concern
voiced pessimism. market excess. us.”
“I will not associate myself with a sum- Sarkozy and German Chancellor – Sarkozy
mit that would end with a communique Angela Merkel are pushing hard for vis-
made of false compromises that would ible results on regulation, such as closer
not tackle the issues that concern us,” tabs on hedge funds and credit rating
he told Europe 1 radio in an interview.
“As of today, there is no firm agreement
agencies, and naming and shaming of
tax havens if they fail to bow to pressure European
in place.” and end bank secrecy.
“The conversation is going forward,
there are projects on the table. As things
Those are not the only demands.
China and Russia want the West to stocks slide
stand at the moment, these projects do give them more say over matters of glo-
not suit France or Germany.”
Japan criticised the German approach,
bal economic importance and have gone
as far as to suggest the dollar should as investors
with Prime Minister Taro Aso quoted as one day be dropped as the world’s main
saying that Germany did not understand
the importance of fiscal stimulus.
reserve currency, though the latter is not
seen as an issue the summit will broach eye G20
“The core notion that government in any depth. – Reuters
LONDON: European stocks tipped lower yesterday,
despite earlier gains in Tokyo and overnight on Wall

China pledges to cooperate at summit
BEIJING: Chinese President Hu Jintao has
pledged his nation’s support in efforts to re-
form the global financial system, in remarks
published yesterday as he left for the G20
economic summit in London.
However, Hu gave no details on what China
would bring to today’s summit of leaders from
the Group of 20 industrialised and developing
nations, which is being held to tackle the worst
financial crisis in decades.
“The international financial system should
undergo necessary reforms in an all-round, bal-
anced, gradual and effective manner to prevent
a similar crisis in the future,” the official Xinhua
news agency quoted Hu as saying.
“China will continue to coordinate macro-
economic policies with other countries and
push for the reform of the international finan-
cial system and help maintain the multilateral
trade system.”
Singapore’s house prices down 13.8%
SINGAPORE: The prices of private residential
property in Singapore fell 13.8% in the first
quarter of this year compared to the last
quarter in 2008, according to the city-state’s
preliminary housing estimates.
Singapore’s Urban Redevelopment Author-
ity (URA) said yesterday private home prices
fell from 162.8 points in the fourth quarter
Hu said China would work with others at-
tending the summit to help bring about “posi-
tive and practical” results.
China has repeatedly called for reform of
the global financial system, which it sees as
dominated by developed countries, and has
urged that developing nations be given a
greater say.
People’s Bank of China governor Zhou
Xiaochuan called recently for the US dollar
– the global reserve currency since World War
II – to be replaced with a different standard run
by the International Monetary Fund.
China has signalled it would like the
proposal, which Russia has supported, to be
discussed at the summit.
In a lengthy article, Xinhua spoke of the
merits of Zhou’s proposal but did not say
whether Hu would raise it in London.
The United States and Britain have reacted
2008 to 140.3 points in the first three months
of this year.
The decline in the price index of private
residential property for the previous quarter
was 6.1%.
URA also said the prices of non-landed
private residential property in the heart of the
city decreased by 15.2% in the first quarter of
coolly to the proposal.
China, whose economy is still expected by
the World Bank to grow 6.5% this year, comes
into the G20 summit with more global influence
than ever.
But China has sought to dampen expecta-
tions that it would bring its financial muscle,
particularly its vast hoard of forex reserves,
to bear in helping to stabilise the world
economy.
Saying that it remains a developing country,
China has repeatedly stressed that the best
way it can contribute to world economic stabil-
ity is to keep its own economy going.
One of the most contentious issues at
the summit is set to be government stimulus
packages, with Germany and France resisting
efforts from the United States for nations to
follow its lead and step up such measures.
– AFP
2009, while within the central district area the
price drop was more at 17.2%, and in outer
parts of the city the decline was 7.5%.
In comparison, for fourth quarter 2008,
prices of non-landed private residential prop-
erties decreased by 6.5% in the city, 6.2% in
the central district area and 5.9% in the outer
city area. – Bernama
Street, as investors awaited a crucial Group of 20 sum-
mit in London, dealers said.
The summit of leaders from 20 rich and emerging
economies takes place today, when the European
Central Bank is also expected to cut eurozone inter-
est rates to help the bloc fight recession.
In late morning European trade, Frankfurt fell
1.16%, Paris shed 1.29% and London lost 0.7% in
value. All three markets had rallied Tuesday on
bargain-hunting.
In Asia yesterday, the picture was brighter in
Tokyo, where shares surged 2.99%, but Hongkong
pulled 0.42% lower.
“Trading is choppy, with markets likely to remain
volatile ahead of the G20 summit,” said Nick Serff,
market strategist at spread-betting firm City Index.
“Volumes are lower this morning with traders
waiting for direction from the G20 leaders.”
US President Barack Obama arrived yesterday
for talks with British Prime Minister Gordon Brown
on the eve of the crunch G20 summit aimed at fixing
the battered global economy.
At the London gathering, the United States wants
to secure a coordinated international stimulus pack-
age – but is facing a split with European countries
such as France and Germany.
In Wall Street action on Tuesday, US stocks
rebounded after two consecutive trading days of
heavy selling to post their first monthly gain in eight
months even as economic data remained uninspir-
ing.
The Dow Jones Industrial Average jumped 1.16%
to end at 7,608.92 points as investors also went on
“window dressing” their portfolios at the end of the
first quarter on Tuesday.
Elsewhere in Asia on Wednesday, Seoul added
2.25% and Shanghai won 1.47%, while Sydney
closed flat. – AFP