theSun | THURSDAY JULY 30 2009 15

1,164.48  7.90
T 10,113.24 S
25.98
business KLCI
STI 2,604.06 T
19.98
Nikkei
TSEC 7,083.63 T59.00

Hang Seng 20,135.50 489.04
T KOSPI 1,524.32  1.71
T
SCI 3,266.43 171.94
T S&P/ASX200 4,142.80 T
26.70

KL market summary
JULY 29, 2009
INDICES CHANGE Shares close lower on profit-taking
FBMEMAS 7,844.37 -60.83)
FBM-KLCI 1,164.48 - 7.90) SHARE prices on Bursa Malaysia closed 0.674% to 1,164.48 after reaching an intraday
INDUSTRIAL 2,562.03 - 3.79) lower yesterday on profit taking after the high of 1,179.08. It had opened 2.15 lower at
CONSUMER PRODUCT 345.91 + 1.84) recent run-up, dealers said. 1,170.23.
INDUSTRIAL PRODUCT 89.97 - 0.72) SJ Securities technical analyst Phua Kwee Losers beat gainers by 478 to 219 while
CONSTRUCTION 222.00 - 2.14) Hock said one of the reasons for the sell off 230 counters were unchanged, 304 untraded
TRADING SERVICES 153.75 - 1.48)
was funds from regional markets being drawn and 32 others suspended.
FINANCE 9,475.70 -37.06)
PROPERTIES 745.67 - 2.46) to China State Construction Engineering Leading the actives, KNM Group eased 3
PLANTATIONS 5,623.68 -64.26) Corp’s US$7.3 billion (RM26.3 billion) initial sen to 86.5 sen, Tebrau Teguh added 2 sen
MINING 320.18 + 2.03) public offering (IPO) – the world’s largest this to 82.5 sen, SAAG Consolidated fell 1.5 sen
FBMSHA 8,039.16 -56.73) year. to 28 sen and Jotech Holdings was flat at EXCHANGE RATES July 29, 2009
FBM2BRD 5,170.96 -65.29) The IPO surged 56% in its Shanghai debut 8.5 sen. Among heavyweights, Sime Darby
TECHNOLOGY 16.20 -0.50) yesterday. Locally, investors were cautious slipped 5 sen to RM8.10 while Maybank, Foreign currency Bank sell Bank buy Bank buy
TURNOVER VALUE ahead of the Bank Negara meeting later yes- Bumiputra-Commerce and Tenaga remained TT/OD TT OD
terday, he said. At 5pm, the benchmark FTSE at RM6.55, RM10.20 and RM8.10 respectively. 1 US DOLLAR 3.5510 3.4860 3.4760
1.302bil RM1.962bil
Bursa Malaysia (FBM) KLCI fell 7.9 points or – Bernama
1 AUSTRALIAN DOLLAR 2.9680 2.8390 2.8230
1 BRUNEI DOLLAR 2.4710 2.4110 2.4030
1 CANADIAN DOLLAR 3.2930 3.2130 3.2010

Back
Carlsberg M’sia to acquire 1 EURO
1 NEW ZEALAND DOLLAR
1 PAPUA N GUINEA KINA
1 SINGAPORE DOLLAR
1 STERLING POUND
5.0430
2.3610
1.4850
2.4705
5.8510
4.9220
2.2590
1.2220
2.4110
5.7090
4.9020
2.2430
1.2060
2.4030
5.6890

S’pore ops for RM370m

1 SWISS FRANC 3.3100 3.2290 3.2140
to school 100 ARAB EMIRATES DIRHAM 98.4000 93.1900 92.9900
from 100 BANGLADESH TAKA 5.3400 5.2100 5.0100
camp 100 CHINESE RENMINBI N/A N/A N/A
pg 17 100 DANISH KRONE 69.7600 64.1000 63.9000
100 HONGKONG DOLLAR 46.6400 44.1700 43.9700
by Meena L. Ramadas. Carlsberg Singapore Pte Ltd. attractive and Carlsberg Singapore is 100 INDIAN RUPEE 7.6300 7.0100 6.8100
newsdesk@thesundaily.com In a filing with Bursa Malaysia, a successful, well-run and profitable 100 INDONESIAN RUPIAH 0.0373 0.0314 0.0264
the company said the proposed company,” he said. 100 JAPANESE YEN 3.7680 3.6750 3.6650
SHAH ALAM: Carlsberg Brewery acquisition would be deemed as a re- The company will see an earnings 100 NEW TAIWAN DOLLAR N/A N/A N/A
Malaysia Bhd has signed a memo- lated party transaction, as Carlsberg increase of up to 50%. Preliminary 100 NORWEGIAN KRONE 59.1800 54.3300 54.1300
randum of understanding (MoU) Breweries was the major shareholder figures indicate that the total incre-
with its holding company Carlsberg of Carlsberg Malaysia and certain mental net profit from the acquisi- 100 PAKISTAN RUPEE 4.3900 4.1100 3.9100
Jensen ... Breweries A/S to acquire the entire directors of Carlsberg Breweries and tion will be RM46 million excluding 100 PHILIPPINE PESO 7.5600 7.1000 6.9000
it’s a good equity interest in Carlsberg Singapore were funding cost. 100 QATAR RIYAL 99.0400 94.2100 94.0100
business fit. also directors in Carlsberg “If we consider funding cost, then 100 SAUDI RIYAL 96.1700 91.4700 91.2700
Malaysia. the figure is RM37 million assuming 100 SOUTH AFRICAN RAND 46.6000 42.8700 42.6700
The acquisition will cost both companies have flat earnings 100 SRI LANKA RUPEE 3.2100 2.9500 2.7500
Carlsberg Malaysia a hefty development in the ongoing opera-
RM370 million but will tions,” he said. 100 SWEDISH KRONA 49.2600 44.7900 44.5900
guarantee profit for 2009 and Carlsberg Malaysia also stands to 100 THAI BAHT 11.2200 9.5100 9.1100
2010, 20 years of territorial Source: Malayan Banking Berhad/Bernama
win back its sourcing rights to the
rights and sourcing rights Singaporean beer and stout market.
with significant synergies. Last year, Carlsberg Malaysia lost Asean countries including Malaysia and China.
“The two criteria that the manufacturing business contract Therefore, the acquisition will see an increase in pro-
we used to evaluate poten- for the Singaporean market due to duction value of about 15-20% for Carlsberg Malaysia.
tial candidates were that duties imposed by the Malaysian Carlsberg Malaysia will gain RM15 to RM17 million as
the acquisition had to be government. Carlsberg Singapore sourcing is shifted back to Malaysia.
synergistic and earnings would have incurred an import duty “We closed one of our production line. Now, we’re
accretive,” Carlsberg Ma- of RM2 per litre. getting it back and it will not cost a lot because we have
laysia managing director Due to Singapore’s free-trade been sourcing before. All we have to do is push the but-
Soren Holm Jensen said agreement (FTA) with Thailand, ton back to ‘on’,” said Jensen.
yesterday. Carlsberg Singapore subsequently Currently, Carlsberg Singapore’s market share is
“It (the acquisition) received its products from Thailand 21%, second to Asia Pacific Breweries which manages
will benefit Carlsberg that exercises zero-rated duty on brands like Tiger, Anchor, Sol, Guinness and Heineken
Malaysia as it’s a good beer and stout. in Singapore.
business fit, the beer Earlier this year, Singapore was “In this difficult economic times we saw an opportunity
market in Singapore is able to enjoy zero-rated duty from to expand our business and we seized it,” said Jensen.

Asian stocks slip from 10-month highs

TOKYO: Asian shares tumbled
from multi-month peaks
yesterday, in a sell-off led by the
Shanghai market, as investors
booked in profits ahead of
more company earnings.
Japanese shares gained, but
stock indices in Australia and
Hongkong fell after strong run-
ups in the past two weeks.
The MSCI Asia-Pacific index
excluding Japan fell 2.6%, flag-
ging after a climb this week to
a 10-month high.
In Europe, stock eased after
Chinese stocks fell as investors
worried banks there may start
to restrict lending, and S&P
futures signalled a soft start on
Wall Street.
Shares in China State
Construction Engineering
Corp, whose US$7.3 billion
(RM26.3 billion) IPO last week
was the world’s largest in a
year, jumped 70% at its debut,
besting expectations – but also
stirring concerns about asset
price bubbles.
It was the second big list-
ing in Shanghai since China
resumed IPOs last month,
and followed on the heels of
Sichuan Expressway’s runaway
success on Monday.
“Such strong debuts of
new listings will become a
great boost for forthcoming
IPOs, though worries have also
strengthened of overall high
valuations of the market,” said
Qian Qimin, deputy head of
research at Shenyin & Wanguo
Securities in Shanghai.
BBMG Corp, one of China’s
largest building materials
manufacturers, also jumped
60% at its debut in Hongkong.
But the Hang Seng index
shed 3% after ending at its
highest in 11 months on
Tuesday, and the Shanghai
Composite Index closed down
5%, its biggest daily loss in
eight months.
In Tokyo, the Nikkei average
edged up 0.3% to its highest
close in seven weeks, a day
after snapping its longest string
of consecutive gains since
1988.
“It’s natural that the market
takes a breather due to inves-
tor fatigue after a nine-day
winning streak and caution
before earnings reports,” said
Fumiyuki Nakanishi, man-
ager at SMBC Friend Securities.
– Reuters

BNM maintains OPR at 2%

KUALA LUMPUR: Bank Negara Malaysia
(BNM) decided to leave the Overnight Policy
Rate (OPR) unchanged at 2%, at the Monetary
Policy Committee (MPC) meeting yesterday.
It said: “Since the previous MPC meeting,
signs of stabilisation of the global economy
have emerged whilst conditions in the in-
ternational financial markets have generally
improved.”
It said that in the advanced economies,
while the overall economic conditions con-
tinue to remain weak, the pace of decline in
economic activity is slowing.
“There is also evidence of improvements
in economic activity in most regional econo-
mies,” it said in a statement here. – Bernama