theSun | THURSDAY JUNE 4 2009 13

business KLCI
STI
1,055.40
2,383.82
8.22
8
Nikkei
TSEC
9,741.67
6,893.14
37.36
55.94
Hang Seng 18,576.47 187.39 KOSPI 1,414.89 2.04 KLCI Points
SSE 2,778.59 54.29 S&P/ASX200 4,017.20 61.90

market summary JUNE 3, 2009

INDICES
FBMEMAS
CHANGE
7,065.43 (37.41
CI dragged down by blue-chip sell-off
COMPOSITE 1,055.40 -8.22 SHARE prices on Bursa Malaysia closed lower to a consolidation phase in the market following
INDUSTRIAL 2,321.51 -22.78 yesterday as profit-taking pressure persisted fol- recent strong gains.
CONSUMER PROD 313.14 -1.30 lowing the market’s rally in May, dealers said. However, the consolidation is healthy and
INDUSTRIAL PROD 84.30 -0.13 However, they said there is still ample liquidity there are no signs of panic selling.
CONSTRUCTION 204.92 -0.78
TRADING SERVICES 141.86 -0.47
that would continue to bolster the market. Among the top volume leaders were Compu-
FINANCE 8,202.71 -61.72
At close, the benchmark Kuala Lumpur gates which lost half a sen to 7.5 sen, while Iris EXCHANGE RATES June 3, 2009
PROPERTIES 716.66 +2.83 Composite Index (KLCI) declined 8.22 points to Corporation rose 1.5 sen to 20 sen and Mulpha
PLANTATIONS 5,389.81 -15.39 1,055.40 after opening 0.17 of a point higher at International increased 2.5 sen to 56 sen.
1,063.79 in the morning. For the heavyweights, Sime Darby declined Foreign currency Bank sell Bank buy Bank buy
MINING 283.70 -8.11
FBMSHA 7,371.31 -40.74 The dealers said the local bourse was dragged 10 sen to RM6.90, Maybank lost five sen to TT/OD TT OD
FBM2BRD 4,590.94 +13.10 down by a sell-off, mainly in selected blue chips, RM5.45, while Tenaga Nasional dropped 15 sen 1 US DOLLAR 3.5120 3.4470 3.4370
TECHNOLOGY 14.78 +0.14 following recent gains. However, losses were lim- to RM7.55. 1 AUSTRALIAN DOLLAR 2.9150 2.7880 2.7720
TURNOVER VALUE ited due to buying interest in second liner stocks Gainers led losers by 420 to 250 while 208 1 BRUNEI DOLLAR 2.4520 2.3880 2.3800
and technology-based shares, they added. counters were unchanged, 359 untraded and 41
1.794bil RM1.330bil 1 CANADIAN DOLLAR 3.2520 3.1720 3.1600
The dealers also said the downtrend was due others suspended. – Bernama
1 EURO 5.0370 4.9150 4.8950
1 NEW ZEALAND DOLLAR 2.3290 2.2260 2.2100

EAS leaders firm against

1 PAPUA N GUINEA KINA 1.4160 1.1780 1.1620
1 SINGAPORE DOLLAR 2.4515 2.3880 2.3800
1 STERLING POUND 5.8390 5.6970 5.6770
1 SWISS FRANC 3.3160 3.2350 3.2200
100 ARAB EMIRATES DIRHAM 97.3900 92.1400 91.9400
100 BANGLADESH TAKA 5.5200 5.2000 5.0000

protectionist measures
100 CHINESE RENMINBI N/A N/A N/A
100 DANISH KRONE 69.6700 63.9800 63.7800
100 HONGKONG DOLLAR 46.1100 43.6700 43.4700
100 INDIAN RUPEE 7.7900 7.1500 6.9500
100 INDONESIAN RUPIAH 0.0358 0.0310 0.0260
100 JAPANESE YEN 3.6860 3.5960 3.5860
BANGKOK: East Asian Summit (EAS) lead- China, Japan, South Korea, Australia, India resolved to take further actions as appro- 100 NEW TAIWAN DOLLAR N/A N/A N/A
ers have underscored the critical importance and New Zealand. priate to sustain growth and jobs, reduce 100 NORWEGIAN KRONE 58.5700 53.8000 53.6000
of standing firm against protectionist and The leaders were supposed to issue poverty, restore confidence, and support 100 PAKISTAN RUPEE 4.4500 4.1400 3.9400
distortionary measures, and refraining from similar statement at the Asean + 6 summit medium-to-long term macroeconomic and
100 PHILIPPINE PESO 7.6100 7.1500 6.9500
raising new barriers as the world faces a in Pattaya in April which was aborted after financial stability.
severe economy crisis. anti-government protesters stormed the At the same time, they agreed that stimu- 100 QATAR RIYAL 98.0100 93.2300 93.0300
In a joint statement issued by Asean chair meeting venue and forced its cancellation. lus packages alone would not have the de- 100 SAUDI RIYAL 95.1000 90.4600 90.2600
and EAS coordinator Thai Prime Minister They are expected to meet from Oct 23 sired effect without a stable financial system 100 SOUTH AFRICAN RAND 45.5400 41.9000 41.7000
Abhisit Vejjajiva yesterday, the leaders of to 25 in Phuket after an earlier plan to hold playing its role in economic growth. 100 SRI LANKA RUPEE 3.1600 2.9000 2.7000
16 nations agreed that a prompt, ambitious the EAS in the resort island this month was Abhisit also said that the leaders agreed 100 SWEDISH KRONA 48.6500 44.2400 44.0400
and balanced conclusion to the WTO Doha cancelled. that Asean-led consultations with other
100 THAI BAHT 11.0700 9.3800 8.9800
Development Agenda negotiations based on Pursuant to the Kuala Lumpur Declara- organisations in Asia and the Asia-Pacific Source: Bernama
progress achieved to date is necessary and tion on the EAS in 2005, the leaders agreed would contribute to safeguarding the region
would inject confidence and assist in the that the world is facing a global recession from future regional and global economic
global economic recovery. of unprecedented dimensions and called and financial crises.
They also agreed that further regional for policy responses that focus on restoring In order to promote sub-regional devel-
economic cooperation, trade facilitation and financial stability and economic growth and opment, they encouraged the Economic
liberalisation would contribute to making development. Research Institute for Asean and East
the EAS region a more attractive market
and investment destination, as well as the
Citing Asia’s important role as a centre of
growth that is open to the world, the leaders
Asia, Asian Development Bank and Asean
Secretariat to work together to prepare a
briefs
Comprehensive Economic Partnership in said they realised the need to take appro- coherent master plan to coordinate, ex-
East Asia (CEPEA) Initiative that could priate and coordinated measures against pedite, upgrade and expand sub-regional ‘Malaysia, New Zealand agree
further enhance intra-regional trade. the impact of the financial crisis and the initiatives and promote private sector
“As a further sign of our commitment downturn of the world’s economy as well as participation. on free trade deal’
we pledged to minimise the trade-distort- to strengthen the region’s growth potential In addition, they called upon ERIA to WELLINGTON: Malaysia and New Zealand have
ing impact of our fiscal stimulus measures and expand demand. provide policy recommendation to stimu- agreed on a free trade agreement, New Zealand
and industry support policies, and agreed to They also commended the fiscal and late economic growth in the region, deepen Trade Minister Tim Groser said on Tuesday.
work together with other countries to this monetary stimulus measures and other regional integration and strengthen part- Groser said negotiations for the deal had been
end,” Abhisit said on behalf of the Asean 10, policy actions undertaken by the EAS and nership in East Asia. – Bernama finalised after negotiations in Kuala Lumpur.
“This FTA is great news for New Zealand. Our
negotiators have secured a high quality, compre-
hensive FTA that provides commercially meaningful
Australia dodges recession benefits to New Zealand businesses,” Groser said in
a statement.
Malaysia is New Zealand’s seventh largest trading

after surprise growth
MELBOURNE: Australia yesterday
became the only major western nation
to avoid recession during the global
economic slump as it posted surprise
growth in the first quarter of 2009.
The data came a day after better-
than-expected export figures and led
Prime Minister Kevin Rudd to hail
Australia as the strongest advanced
economy in the world.
Official data showed 0.4% gross
domestic product growth in the three
months to March, allowing it to side-
step a technical recession, defined as
two consecutive quarters of negative
growth.
Analysts had almost universally
expected the economy to succumb
to its first recession since the early
1990s after posting revised negative
growth of 0.6% in the three months to
December.
On Tuesday, data showed exports
of goods and services rose 2.7% in the
March quarter, in seasonally adjusted
volume terms, while imports fell a
sharp 7%, according to the Australian
Bureau of Statistics.
The jump in shipments comes as
China – whose enormous demand for
Australia’s resources has led to a boom
for Canberra – begins to report n im-
provement in the economic outlook as
it battles through the global downturn.
“Australia is the fastest growing of
all the major advanced economies, we
have the lowest debt and lowest deficit
of all the major advanced economies
and we’re the only advanced economy
at present not in recession,” Rudd said.
He added his government’s stimu-
lus spending of more than A$50 billion
(RM140 billion) since late last year had
also played a major role in boosting
demand and maintaining consumer
confidence.
The government handed out A$10.4
billion (RM29.12 billion) to pensioners
and others in December, then spent
A$42 billion (RM117.6 billion) in Feb-
ruary on a series of measures includ-
ing cash bonuses to eligible taxpayers
and a school refit programme.
It followed up in last month’s budget
with A$22 billion (RM61.6 billion) on
infrastructure spending, which is yet
to feed into the economy.
The Treasury estimated that
without the stimulus spending, the
economy would have contracted 0.2%
in the March quarter.
But Rudd said that while the latest
figures were welcome, it was too early
for Australia to assume it had seen off
the worst of the global crisis.
“We’re not out of the woods yet,”
he warned. “We will face higher
unemployment, and there is no guar-
antee we won’t face negative economic
growth in the future.”
The result helped send the Australian
dollar to an eight-month high of 82.62
US cents, up 1.93 US cents on Tuesday’s
close, while the share market closed up
1.56% at a seven-month high yesterday.
Commonwealth Securities econo-
mist Savanth Sebastian said Australia
was setting the pace among developed
economies.
“If you look at developed nations
around the world, they’re all negative
and quite weak, yet here we are with
an actual expansion. It’s a great result
for the Australian economy.”
But some economists agreed with
Rudd’s caution, pointing to large falls
expected in employment, business in-
vestment and company profit reports.
RBC Capital Markets senior econo-
mist Su-Lin Ong warned there was
still a chance that Australia could tip
into recession this year.
“The global recession is probably
only just starting to bear down on
Australia,” Ong told Dow Jones News-
wires. – AFP
partner, with two-way trade worth nearly NZ$3 billion
(RM6.6 billion) annually.
New Zealand exports to Malaysia were worth
NZ$1 billion (RM2.2 billion) last year and goods
exports have been growing at 34% annually since
2005.
Both Malaysia and New Zealand will seek legal
and technical verification of the deal and domestic
approval before the signing of the final agreement.
– AFP
China, Japan to team up for
development projects in Asia
TOKYO: Japan and China will jointly provide
financial support for development projects in
poorer Asian countries in what will be the first
such tie-up between the regional giants, a report
said yesterday.
Winners A memorandum of understanding on the
RAP with programme will be inked when top officials from
the two economic powerhouses meet for talks in
‘The Four Tokyo on Sunday, the Nikkei economic daily said
Brothers’ without naming its sources.
pg 14 It would be the first arrangement between Ja-
pan and China under which they jointly provide
development assistance to third countries.
By combining Japan’s advanced technology and
expertise with China’s labour power, the two coun-
tries are seeking to underpin economic expansion
in developing nations in the region, the daily said.
The targets will be large infrastructure
projects such as the construction of power
plants, highways or railroads. – AFP