14 theSun | THURSDAY OCTOBER 15 2009

business KLCI
STI
1,246.84
2,708.48
13.33
40.08
Nikkei
TSEC
10,060.21
7,695.75
16.35
99.15
Hang Seng 21,886.48 419.12 KOSPI 1,649.09 20.16
SCI 2,970.53 34.34 S&P/ASX200 4,831.10 45.40

HK ready to avert property bubble

HONGKONG: Hongkong could increase quickening the pace of bringing readily Developers have been wooing million-
land supply in coming months to rein in available residential sites to the market,” aires from China with a slew of all-expenses
property prices, Chief Executive Donald Tsang said in his annual policy address to paid property-viewing tours. In September,
Tsang said, as a luxury flat sold for a world the Legislative Council. a one-bedroom 590sq ft apartment in a
record, heightening concerns about a pos- “The relatively small number of residen- downtown Kowloon district sold for just
sible property bubble. tial units completed and the record prices over US$3 million (RM10.5 million).
Developer Henderson Land Develop- attained in certain transactions this year “People are paying what I describe as EXCHANGE RATES October 14, 2009
ment said it had sold a deluxe duplex in have caused concern about the supply of trophy prices which don’t bear any reality
the Mid-Levels district on the lower slopes flats, difficulty in purchasing a home, and with what’s happening within the econo- Foreign currency Bank sell Bank buy Bank buy
of the city’s exclusive Peak for HK$71,280 the possibility of a property bubble,” Tsang my,” said Nicholas Brooke, chairman of real TT/OD TT OD
(RM31,850) per sq ft – setting a world record said. estate consultancy Professional Property 1 US DOLLAR 3.4210 3.3560 3.3460
per sq ft for an apartment and surpassing Two 372sq m penthouses in a develop- Services in Hongkong. 1 AUSTRALIAN DOLLAR 3.1220 3.0280 3.0120
London prices. ment on the Kowloon peninsula with views Brooke said a London flat by the Thames
Property prices in Hongkong have of the city’s harbour, will be among the would fetch £2,000 (RM11,200) per sq 1 BRUNEI DOLLAR 2.4570 2.3970 2.3890
surged 26% this year, despite the economic world’s most expensive apartments if they ft, while an apartment overlooking New 1 CANADIAN DOLLAR 3.3240 3.2430 3.2310
downturn, amid low new supply and strong fetch their price tag of nearly US$38 million York’s Central Park would go for US$4,000 1 EURO 5.0820 4.9780 4.9580
demand for luxury property from wealthy (RM133 million). (RM14,000) per sq ft. 1 NEW ZEALAND DOLLAR 2.5560 2.4440 2.4280
Chinese. Hongkong’s government, which Hongkong’s currency peg to a weak US Money from new stock market listings 1 PAPUA N GUINEA KINA 1.4110 1.1660 1.1500
controls land supply, has not sold residen- dollar makes property attractive to foreign and easy bank lending also allow Chinese 1 SINGAPORE DOLLAR 2.4565 2.3970 2.3890
tial for a year and a half. investors. The peg forces Hongkong to track to snap up luxury property, he said.
“The government will closely monitor US interest rates – which are expected to Broker Nomura estimates mainland 1 STERLING POUND 5.4470 5.3360 5.3160
market changes in the coming months. stay very low for some time – unlike South Chinese now account for 11% of Hongkong 1 SWISS FRANC 3.3550 3.2730 3.2580
When necessary, we will fine-tune land Korea, which has threatened to raise rates property sales and warns of a bubble. 100 ARAB EMIRATES DIRHAM 94.7800 89.7500 89.5500
supply arrangements ... with a view to soon to stave off a property bubble. – Reuters 100 BANGLADESH TAKA 5.2000 4.6840 4.4840
100 CHINESE RENMINBI N/A N/A N/A
100 DANISH KRONE 70.4500 64.7200 64.5200
100 HONGKONG DOLLAR 44.9200 42.5300 42.3300
100 INDIAN RUPEE 7.6500 7.0300 6.8300
100 INDONESIAN RUPIAH 0.0376 0.0330 0.0280
Two win 100 JAPANESE YEN 3.8210 3.7270 3.7170
Nissan 100 NEW TAIWAN DOLLAR N/A N/A N/A
Sylphy 100 NORWEGIAN KRONE 62.9000 57.7800 57.5800
each from 100 PAKISTAN RUPEE 4.2200 3.9300 3.7300
100 PHILIPPINE PESO 7.5300 7.0500 6.8500
1 Utama 100 QATAR RIYAL 95.3900 90.7300 90.5300
pg 16 100 SAUDI RIYAL 92.6200 88.1000 87.9000
100 SOUTH AFRICAN RAND 48.5400 44.4100 44.2100
100 SRI LANKA RUPEE 3.0800 2.8300 2.6300
100 SWEDISH KRONA 50.9500 46.3400 46.1400
100 THAI BAHT 11.0300 9.3500 8.9500
Source: Malayan Banking Bhd/Bernama

market summary OCTOBER 14, 2009

CI hits year’s INDICES CHANGE

FBMEMAS 8,393.58 +97.57
high FBM-KLCI 1,246.84 +13.33
THE FTSE Bursa Malaysia Kuala INDUSTRIAL 2,667.12 +13.85
CONSUMER PROD 368.95 +2.31
Lumpur Composite Index (FBM INDUSTRIAL PROD 93.62 +1.17
KLCI) jumped to the year’s new CONSTRUCTION 238.56 +1.96
high as investors snapped up TRADING SERVICES 161.06 +1.41
banking-related stocks yes- FINANCE 10,528.24 +171.58
terday. The benchmark index PROPERTIES 813.84 +7.96
closed 13.33 points higher at PLANTATIONS: 6,031.33 +43.75
1,246.84 after hitting an intra- MINING: 316.12 +8.10
day high of 1,248.14. FBMSHA 8,474.84 + 79.14
FBMACE 4,269.02 + 48.30
Dealers said the Malay- TECHNOLOGY 17.25 + 0.29
sian Institute of Economic
Research’s forecast that the TURNOVER VALUE
country’s economy would 1.260bil RM1.655bil
shrink at a slower pace of 3.3%
this year, an improvement from 8,393.58, the FBM Top 100 in-
4.2% projected earlier, provided creased 91.98 points to 8,171.25,
some support. the FBM 70 jumped 111.23
Rising buying interest in penny points to 8,257.70 and the FBM
and small cap stocks with the ACE Index advanced 48.30
return of risk appetite was also points to 4,269.02. The Finance
evident, they said. Index surged 171.58 points to
“Follow-through buying by 10,528.24, the Plantation Index
foreign funds in key banking- gained 43.75 points to 6,031.33
related stocks such as Maybank and the Industrial Index added
and CIMB Group helped the FBM 13.85 points to 2,667.12.
KLCI extend its gain,” a dealer Gainers outnumbered losers
said. by 574 to 174 while 208 counters
At the close, the FBM Emas unchanged and 338 others un-
Index gained 97.57 points to traded. – Bernama

More than 50,000 Nissan vehicles

recalled in China
BEIJING: A Chinese joint venture
involving Japan’s Nissan Motors will
recall nearly 52,000 cars in China
due to safety defects in the steering
system, the country’s product-qual-
ity watchdog said.
The recall by Dongfeng Motor Co
Ltd covers 18,146 X-Trail sport utility
vehicles and 33,667 Qashqai units,
said a statement posted on Tuesday
on the website of the General Ad-
ministration of Quality Supervision,
Inspection and Quarantine.
It said the recall was to begin
yesterday. A problem with the ve-
hicles’ steering nut may lead to the
loss of direction control in extreme
cases, the statement said.
Dongfeng Motor will install
fasteners on the recalled cars, it
added. Average monthly sales of
the two cars in China this year
stood at around 5,000 units in total,
according to Beijing Times.
Dongfeng Motor Co Ltd was
established in 2003 between state-
owned Dongfeng Motor Corporation
and Nissan Motors. – AFP