theSun | TUESDAY JULY 7 2009 13

1,065.83  6.86
T 9,680.87 T
135.20
business KLCI
STI 2,266.09 T
33.66
Nikkei
TSEC 6,649.91 T
15.49
Hang Seng 17,979.41 223.99
T KOSPI 1,428.94  8.90
S
SCI 3,124.67 S
36.30 S&P/ASX200 3,783.70 T
44.50

market summary JULY 6, 2009

INDICES CHANGE
Prices lower on weaker regional markets FBMEMAS
FBM-KLCI
7,157.13
1,065.83
- 50.88
- 6.86
SHARE prices on Bursa Malaysia ended the first eight-month high of US$73 (RM259.15) last INDUSTRIAL 2,366.53 -8.98
day adoption of the new FTSE Bursa Malaysia week amid disappointing unemployment CONSUMER PRODUCT 321.05 -0.67
Kuala Lumpur Composite Index (FBM KLCI) lower figures from US as well as Europe. INDUSTRIAL PRODUCT 82.51 -0.43
CONSTRUCTION 200.99 -1.24
due to the weaker regional markets. The bench- Locally, the Malaysian American Elec-
TRADING SERVICES 142.07 -1.22
mark FBM KLCI shed 6.86 points to 1,065.83 after tronics Industry (MAEI) expects workforce FINANCE 8,522.95 -19.17
opening at 1,072.69. Last Friday, the KLCI closed to drop to 53,000 this year from 56,000 last PROPERTIES 684.74 -12.70
6.02 points lower at 1,072.69. year due to the termination of contractual PLANTATIONS 5,336.31 -39.53
The FBM KLCI Index comprises 30 largest workers and voluntary separation schemes MINING 273.57 UNCH
listed companies by market value with at least since October last year. FBMSHA 7,373.01 -56.91
15% free float. Its constituents are also prime SJ Securities technical analyst Phua Kwee FBM2BRD 4,676.70 -48.37 EXCHANGE RATES July 6, 2009
market movers and represent about 70% of the Hock said the increase in unemployment TECHNOLOGY 13.90 -0.09
main board’s market capitalisation. was not necessarily all that bad as most TURNOVER VALUE Foreign currency Bank sell Bank buy Bank buy
Bursa Malaysia introduced the FTSE global companies are still undergoing restructuring 762,707mil RM844,120mil TT/OD TT OD
index standard to attract instant recognition and and once that is done, job opportunities will 1 US DOLLAR 3.5630 3.4980 3.4880
credibility amongst international investors, and in comeback. 1 AUSTRALIAN DOLLAR 2.8720 2.7470 2.7310
turn spur the local equities market. The Plantation Index declined 39.53 points to 3,926.75 and the FBM2BRD Index was
48.37 points lower at 4,676.7. 1 BRUNEI DOLLAR 2.4580 2.3990 2.3910
“However, regional sentiments took the points to 5,336.31, the Industrial Index slipped
limelight today,” said a dealer. Major markets in 8.98 points to 2,366.53, the Finance Index shed Decliners outnumbered advancers by 436 1 CANADIAN DOLLAR 3.0800 3.0050 2.9930
the region were down as recent economic data 19.17 points to 8,522.95 and the FBMEmas Index to 157 while 174 counters were unchanged, 459 1 EURO 4.9950 4.8740 4.8540
dampened hopes for a faster global economic dropped 50.88 points to 7,157.13. untraded and 34 others suspended. Total volume 1 NEW ZEALAND DOLLAR 2.2710 2.1710 2.1550
recovery, said an analyst. The new FBM Top 100 fell 39.77 points shed to 762.605 million shares worth RM844.032 1 PAPUA N GUINEA KINA 1.4760 1.2250 1.2090
In Asian trade, the oil price nosedived to to 6,975.79, the FBM70 shed 19.38 points to million from 1.097 billion shares worth RM983.826 1 SINGAPORE DOLLAR 2.4575 2.3990 2.3910
US$65 (RM230.75) per barrel yesterday from an 7,011.31, the FBMMesdaq Index declined 49.56 million on last Friday. – Bernama
1 STERLING POUND 5.8290 5.6880 5.6680
1 SWISS FRANC 3.2900 3.2100 3.1950
Koh (left) 100 ARAB EMIRATES DIRHAM 98.7400 93.5200 93.3200
with 100 BANGLADESH TAKA 5.5200 5.2000 5.0000
executive 100 CHINESE RENMINBI 53.5000 N/A N/A
vice- 100 DANISH KRONE 69.0900 63.4500 63.2500
president
100 HONGKONG DOLLAR 46.7900 44.3200 44.1200
and chief
marketing 100 INDIAN RUPEE 7.7300 7.1000 6.9000
officer 100 INDONESIAN RUPIAH 0.0366 0.0314 0.0264
Loke Kah 100 JAPANESE YEN 3.7340 3.6430 3.6330
Meng at 100 NEW TAIWAN DOLLAR N/A N/A N/A
the launch 100 NORWEGIAN KRONE 57.4100 52.7300 52.5300
of Smart
100 PAKISTAN RUPEE 4.4800 4.1800 3.9800
Portfolio.
100 PHILIPPINE PESO 7.5800 7.1300 6.9300
100 QATAR RIYAL 99.3700 94.5300 94.3300
SAIFUL HIZAM MANSOR/THESUN

100 SAUDI RIYAL 96.5000 91.7900 91.5900

100 SOUTH AFRICAN RAND 46.4400 42.7300 42.5300
100 SRI LANKA RUPEE 3.2100 2.9400 2.7400
100 SWEDISH KRONA 47.5800 43.2900 43.0900
100 THAI BAHT 11.2100 9.5000 9.1000
Source: Malayan Banking/Bernama

British fraud office to probe MG Rover collapse

Great Eastern targets 25%

LONDON: Britain’s Serious Fraud Office
will decide whether a criminal investiga-
tion should be launched in to the 2005
collapse of carmaker MG Rover, the
government said yesterday, delaying
the publication of its own inquiry.
workers losing their jobs and creditors
not getting paid,” said business minister
Peter Mandelson.
“The SFO must now see if there are
grounds for prosecution.”
The government report was com-

growth in premiums this year

by Eva Yeong
newsdek@thesundaily,com
KUALA LUMPUR: Great Eastern Life
Assurance (M) Bhd (Great Eastern)
targets RM200 million in new business
premiums this year with the launch of
Smart Portfolio.
The Smart Portfolio is a new range
of products that provides insurance
plans for every life stage and adapts to
customers’ lifestyle to better help them
meet financial goals while providing
benefits of life protection.
“The Malaysian economy experi-
enced a decline in growth in the first
quarter but our customers do not need
to fear that their expectations in life will
have to change and they need to com-
promise their lifestyle as we are looking
for a long-term financial protection,”
US bankruptcy judge approves
GM’s restructuring plan
NEW YORK: A bankruptcy judge late Sun-
day granted General Motors permission
to sell its best assets to a new automaker
in which the US government will hold a
majority stake.
The decision paves the way for
a speedy exit for GM, which sought
bankruptcy protection on June 1 and
has vowed to re-invent itself as a leaner,
more profitable company once freed
from its burdensome debts.
Judge Robert Gerber said he had
examined about 850 objections to the
restructuring plan raised by GM stock-
said director and CEO Koh Yaw Hui.
Themed “Great Expectations, Bet-
ter Met”, the product range consists
of Smart Protection Series and Smart
Investment Series launched yesterday
as well as Smart Education Series and
Smart Retirement Series which will be
launched in first and second quarter of
next year respectively.
Smart Protection Series provides
protection with affordable premiums
while Smart Investment Series focuses
on growing customers’ wealth. The
monthly premiums for Smart Protec-
tion Series and Smart Investment Series
are RM100 and RM500 respectively.
“For the average or lower income
segment, all the more they need the
insurance but traditional insurance
products are too expensive for them. A
lot of them don’t have enough dispos-
holders and others, but ruled that he
could not find them valid.
“Once again, the court is sensitive to
their concerns, but cannot help them,”
he wrote.
“GM is hopelessly insolvent, and
there is nothing for stockholders now.
And if GM liquidates, there will not only
be nothing for stockholders; there will be
nothing for unsecured creditors.”
Judge Gerber’s decision can still be
appealed by GM’s creditors and it will take
several days or possibly a few weeks for
the asset sale to be completed. – AFP
Britain’s last major independent pleted by inspectors on June 11 but the
carmaker went into administration in government said its publication could
April 2005 with debts of more than £1 prejudice any potential criminal case.
billion (RM5.8 billion) and with the loss Opposition politicians have said the
of about 6,000 jobs. report will show the Labour government
“There has been a comprehensive wasted millions of taxpayers’ money
able income,” said Koh. These products and thorough investigation into the propping up the car company in the
are expected to contribute RM150 mil- events which led to the company failing, run-up to the 2005 election. – Reuters
lion and RM50 million respectively in
Great Eastern’s new business premium
target of RM200 million.
“With the launch of Smart Portfolio,
I am confident that we will be able to
achieve our total weighted new busi-
ness premium target of RM800 million
in 2009,” said Koh.
The expected target is an increase of
slightly more than 25% from last year’s
figure of about RM630 million. The
company recorded a 59% growth in
new business premiums in Q1 2009.
According to Koh, Great Eastern’s
products in the past were “one-size-
fits-all”, but its Smart Portfolio provides
specific plans for specific needs.
However, he stressed on maintain-
ing balance in its offerings, with 50%
each from traditional products and
Smart Portfolio products.
The company will soon be embark-
ing on bancassurance business via
OCBC Bank beginning this month
and is “aggressively applying for one
of two Takaful licences” in view of the
liberalisation in FIC rules announced
by the Prime Minister Datuk Seri Najib
Razak on June 30.
It also bought a plot of land near
Mutiara Damansara which will be
developed into an office. It is looking at
Penang and several other locations for
more branches or offices.
Great Eastern has a total of 24
branches in Malaysia including
nine in Sabah and Sarawak, some of
which may be closed or consolidated
with agency offices to better serve its
customers.