theSun | FRIDAY JULY 17 2009 13

business KLCI
STI
1,108.88
2,401.02
11.64
11.60
Nikkei
TSEC
9,344.16
6,780.30
74.91
41.70
Hang Seng 18,361.87 103.21 KOSPI 1,432.22 11.36
SCI 3,183.74 4.81 S&P/ASX200 3,995.60 71.10

KL market summary
JULY 16, 2009
INDICES CHANGE Shares end firmer on positive sentiment
FBMEMAS 7,483.69 + 75.58
SHARE prices on Bursa Malaysia ended Industrial Index went up 26.29 points to
FBM-KLCI 1,108.88 + 11.64
INDUSTRIAL: 2,423.31 + 26.29 firmer yesterday with the key index up 1.06%, 2,423.31 and the Plantation Index advanced
CONSUMER PRODUCT 328.10 + 3.83 spurred on by the strong performance of 23.14 points to 5,379.88.
INDUSTRIAL PRODUCT 86.04 + 0.26 major regional bourses and a better-than- The FBMEmas Index gained 75.58 points
CONSTRUCTION 212.80 + 3.49 expected Chinese economy. to 7,483.69, the FBM Top 100 firmed up
TRADING SERVICES 147.91 + 1.84 The benchmark FTSE Bursa Malaysia KLCI 80.98 points to 7,280.29 and the FBM2BRD
FINANCE 9,012.62 + 69.87 went up 11.64 points to close at 1,108.88 Index increased 40.72 points to 4,855.14.
PROPERTIES 719.44 + 6.37
PLANTATIONS 5,379.88 + 23.14
after trading at an intra-day high of 1,120.41. The FBMMesdaq Index, was however, down
MINING 295.86 + 20.26 It had opened unchanged at 1,097.24. The 46.25 points at 4,030.12. Advancers led
FBMSHA 7,706.66 + 96.94 market saw heavy trading interest in lower decliners by 398 to 304 while 229 counters EXCHANGE RATES July 16, 2009
FBM2BRD 4,855.14 + 40.72 liners and penny stocks which pushed the were unchanged, 326 untraded and 57 others
TECHNOLOGY 15.49 + 0.12 day’s volume above 1.0 billion units. However, suspended. Overall trading volume stood at Foreign currency Bank sell Bank buy Bank buy
overall gains were limited as investors were 1.666 billion shares worth RM2.139 billion, up TT/OD TT OD
TURNOVER VALUE
seen locking in some profits. The Finance from the 1.365 billion shares worth RM2.139
1.666bil RM2.138bil Index climbed 69.87 points to 9,012.62, the billion on Wednesday. – Bernama 1 US DOLLAR 3.5930 3.5280 3.5180
1 AUSTRALIAN DOLLAR 2.9180 2.7900 2.7740
1 BRUNEI DOLLAR 2.4830 2.4220 2.4140
1 CANADIAN DOLLAR 3.2240 3.1450 3.1330

China’s economy grows

1 EURO 5.0740 4.9510 4.9310
1 NEW ZEALAND DOLLAR 2.3600 2.2560 2.2400
1 PAPUA N GUINEA KINA 1.4900 1.2420 1.2260
So 1 SINGAPORE DOLLAR 2.4825 2.4220 2.4140
1 STERLING POUND 5.9140 5.7720 5.7520
gloriously
1 SWISS FRANC 3.3460 3.2650 3.2500
bad

7.9% in stunning rebound

BEIJING: China’s economy
grew 7.9% in the second quarter
of 2009, the government said yes-
terday, in a stunning turnaround
for the Asian powerhouse that
offered some hope for the rest of
the world.
With help from US$580
billion (RM2.08 trillion) in
government pump priming, the
world’s third biggest economy
picked up pace again after the
global economic crisis dragged
growth down to 6.1% in the first
quarter.
“The economy is rebounding
and the strength of the recovery
is increasing,” National Bureau
Spokesman Li Xiaochao said at
a media briefing to release the
data.
China’s gross domestic prod-
uct grew by 7.1% in the first half
of 2009 compared with the same
period a year earlier, according
to the bureau.
This put China back on track
to achieve its goal of 8% growth
for the year, despite the financial
crisis hitting its crucial export
sector particularly hard.
Analysts said the rebound
in China would offer a boost
of confidence for the global
economy as it struggles out of
the worst economic crisis since
the Great Depression of the
1930s.
“China is the first big country
to have made a strong comeback,
so its rebound will definitely
offer a stabilising signal for the
world economy,” said He Jun,
a Beijing-based analyst with the
Anbound Consulting research
group.
However, He and other ana-
lysts cautioned that immediate
and direct benefits would be
limited to countries that import
heavily into China, chiefly
resource-rich exporters and
neighbouring nations in Asia.
Before the global economic
crisis struck, China experienced
double-digit annual growth from
2003 to 2007, and again for the
first two quarters of last year.
To fight the downturn, the
government began implement-
ing a four-trillion-yuan (RM2.08
trillion) stimulus package from
100 ARAB EMIRATES DIRHAM 99.5700 94.3100 94.1100
pg 16 100 BANGLADESH TAKA 5.3400 5.2100 5.0100
100 CHINESE RENMINBI N/A N/A N/A
100 DANISH KRONE 70.1700 64.4800 64.2800
100 HONGKONG DOLLAR 47.1900 44.7000 44.5000
100 INDIAN RUPEE 7.6800 7.0600 6.8600
November last year. government’s target. 100 INDONESIAN RUPIAH 0.0371 0.0314 0.0264
Li described the impact of The figure is generally seen 100 JAPANESE YEN 3.8200 3.7270 3.7170
the package as “remarkable”, as the minimum growth needed 100 NEW TAIWAN DOLLAR N/A N/A N/A
but he also warned pitfalls lay to create enough jobs and pre- 100 NORWEGIAN KRONE 58.0300 53.2700 53.0700
ahead amid concerns of bub- vent major social unrest in the 100 PAKISTAN RUPEE 4.4900 4.1800 3.9800
bles in real estate and other key nation of 1.3 billion people. 100 PHILIPPINE PESO 7.6600 7.2000 7.0000
sectors. China’s exports dropped
“There are many difficulties 100 QATAR RIYAL 100.2400 95.3500 95.1500
21.4% year-on-year in June, the
and challenges existing in the government said last week, the 100 SAUDI RIYAL 97.3100 92.5700 92.3700
current national economic per- eighth straight monthly decline. 100 SOUTH AFRICAN RAND 45.6800 42.0300 41.8300
formance. The base for recovery However, industrial output, 100 SRI LANKA RUPEE 3.2600 2.9900 2.7900
is still weak. The momentum for which illustrates activity in the 100 SWEDISH KRONA 47.9600 43.5400 43.3400
picking up is unstable,” he said. nation’s millions of factories and 100 THAI BAHT 11.3200 9.6000 9.2000
Economists also warned that workshops, expanded by 9.1% Source: Malayan Banking Berhad/Bernama
China’s rebound was unbal- in the second quarter of 2009
anced, with the export sector from a year earlier, the bureau Singapore central bank reports
still struggling while massive said.
bank lending had fuelled the In June, industrial output RM22.7bil net loss
potential for asset price bubbles increased by 10.7%, and by 7% SINGAPORE:The central bank said yesterday it suffered
and inflation. for the first half of 2009. a net loss of S$9.2 billion (RM22.7 billion) in the fiscal
“Although private sector in- China’s urban fixed asset year ending March as its investments were hit by the
vestment has picked up, growth investments, a measure of global financial crisis. The figure compared with a profit
still relies heavily on the central government spending on infra- of US$7.44 billion (RM26.7 billion) in the previous financial
government’s expansionary structure, rose 33.6% in the first year and US$3.85 billion (RM13.8 billion) in the year before
policies,” said Lu Zhengwei, a half of 2009 compared with the that, the Monetary Authority of Singapore (MAS) said. It
Shanghai-based economist with same period a year earlier, the also represents about 3.5% of the central bank’s average
the Industrial Bank. statistics bureau said. total assets, MAS said.
Nevertheless, Lu and other Investments in urban fixed MAS managing director Heng Swee Keat told reporters
analysts said China’s economy assets increased by 35.3% in the global meltdown “has weighed heavily on financial
would likely grow by around 8% June year-on-year, according to markets worldwide, leading to severe declines in the
growth in 2009, in line with the the bureau. – AFP valuation across many asset classes.” – AFP