14 theSun | WEDNESDAY JUNE 3 2009

business

Share prices end higher

despite profit taking
SHARE prices on Bursa Malaysia 1,060-point level.
closed higher yesterday despite “Overall, despite the market
profit-taking activities which showing signs of recovery, inves-
emerged after recent gains, while tors should expect a corrective
ample liquidity continued to decline in the near term before
bolster the market, dealers said. the uptrend is resumed in the
The KLCI increased 1.82 long-term picture,” said MIMB
points to 1,063.62. Investment Bank.
The dealers said that buying MIMB Investment said local
appetite in banking, plantation investors may also get a boost from
as well as oil and gas related Datuk Seri Najib Abdul Razak’s
counters had provided support first official to China as prime
to keep the KLCI at above the minister, which started yesterday.
Active counters were
dominated by oil and
KL market summary gas related companies
as the sector is viewed to
JUNE 2, 2009 be at the recovery stage,
given the stabilisation in
INDICES CHANGE crude oil prices at above
FBMEMAS: 7,102.84 +7.92 US$50 per barrel.
COMPOSITE: 1,063.62 +1.82 Among the top three
INDUSTRIAL: 2,344.29 -4.81 volume leaders were
CONSUMER PRODUCT: 314.44 +1.21 SAAG Consolidated,
INDUSTRIAL PRODUCT: 84.43 +0.31
CONSTRUCTION: 205.70 +1.17
KNM Group and Scomi
TRADING SERVICES: 142.33 -0.89 Group which rose 2.5
FINANCE: 8,264.43 + 81.45 sen, 1.0 sen and 3.0 sen
PROPERTIES: 713.83 -1.99 respectively to 36.5 sen,
PLANTATIONS: 5,405.20 +42.93 RM1.00 and 74.5 sen. For
MINING: 291.81 UNCH blue chips, Sime Darby
FBMSHA: 7,412.05 -17.70 and Tenaga Nasional de-
FBM2BRD: 4,577.84 +6.39 clined 10 sen and 20 sen
TECHNOLOGY: 14.64 UNCH to RM7.00 and RM7.70
TURNOVER VALUE
respectively while May-
bank gained 20 sen to
2.113bil RM1.927bil RM5.50. – Bernama

GM exploring
plans for plant
in Malaysia
BANGKOK: Despite General Motors (GM) entering bank-
ruptcy protection in the United States, its Southeast Asia
operation is going ahead with future expansion, including
exploring plans to open a manufacturing plant in Malaysia.
Steve Carlisle, president of General Motors Southeast
Asia Operations and Chevrolet Sales Thailand, said there
was no specific plan at the moment but the company would
continue to explore the possibility of setting up the plant.
Asked on the timeframe and total investment intended,
Carlisle said it could be post-2010 while financial aspects
would be worked out later.
He said that based on conditions in Malaysia, it would
be possible to have a joint venture, adding that GM was
prepared to talk to any potential partner, including national
carmaker Proton.
In 2007, DRB-HICOM Bhd and General Motors Asia Pacific
Holdings LLC (GMAPH) formed HICOM-Chevrolet Sdn Bhd
to strengthen the Chevrolet brand in Malaysia. DRB-HICOM
holds 49% in the new company and GMAPH the remainder.
At a press briefing here yesterday, Carlisle said GM
Asia Pacific, including GM Thailand and Asean, would be
Mickelson an important part of the “New GM” and would maintain
set to normal business operations although the world’s biggest
automaker has filed for bankrupty in the US.
make PGA Despite the economic crisis, he said GM Asia Pacific
Tour return recorded unprecedented growth in the first quarter of this
next week year, and all indications pointed to the continuation of this
trend for the rest of 2009.
pg 26 But he also confirmed that GM was shutting down its
Rayong plant for two weeks to better manage its inventory,
admitting that the 40 to 50% drop in Thailand’s export and
30 to 40% reduction in domestic sales were having impact
on all manufacturers.
GM vice-president of Asean sales, marketing and after-
sales service, Antonio Zara, said it was planning to expand
the current seven dealerships in Malaysia to between 20
and 25 outlets.
“With more dealers we will be able to have reasonable
coverage. This is part of our future plan, including exploring
plan to set up a CKD plant in Malaysia,” he said.
Asked why GM would want to open a plant in Malaysia
when it already has the state-of-the-art manufacturing plant
in Rayong, Zara said this was necessary to meet different
requirements in different parts of the region, especially
concerning tax.
He said Thailand provided lower excise duty for pick-ups
while Malaysia and Indonesia imposed lower excise du-
ties for locally assembled cars and multi-purpose vehicles
(MPVs) respectively.
“If we bring cars from Rayong to Malaysia, the import
duty is low but the excise duty is high. Malaysia is also one
of the biggest markets for cars in the region and we need to
take into consideration this aspect,” he added. – Bernama