16 theSun | THURSDAY JULY 2 2009

business KLCI
STI
1,079.40
2,352.55
4.16
19.41
Nikkei
TSEC
9,939.93
6,578.97
18.51
146.81
Hang Seng CLOSE KOSPI 1,411.66 21.59
SCI 3,008.15 48.79 S&P/ASX200 3,874.00 80.90

KL market summary

INDICES CHANGE
JULY 1, 2009
Share prices close mixed
FBMEMAS 7,222.65 +15.82 SHARE prices on Bursa Malaysia closed and 1,079.40 during the day.
COMPOSITE 1,079.40 +4.16 mixed with buying interest in the last hour Losers led gainers by 388 to 219, while 203
INDUSTRIAL 2,371.39 +19.53 providing a boost to the lacklustre market, counters closed unchanged, 418 untraded
CONSUMER PROD 323.55 +1.19 dealers said. and 36 suspended.
INDUSTRIAL PROD 84.37 -0.54 Despite a major boost by the government Among actives, KNM Group eased two sen
CONSTRUCTION 207.27 -0.49
to revitalise the capital market, some fund to 82 sen, Time Engineering was unchanged
TRADING SERVICES 143.29 +0.65
FINANCE 8,564.62 +8.90 managers took a breather yesterday after at 30.5 sen while UEM Land Holdings declined
PROPERTIES 713.34 -3.60 closing their account for the financial quarter eight sen to RM1.48.
PLANTATION 5,384.92 -1.95 ended June 30. As for heavyweights, Sime Darby rose EXCHANGE RATES July 1, 2009
MINING 281.68 UNCH At 5pm yesterday, the benchmark Kuala 10 sen to RM7.05, Maybank eased five sen
FBMSHA 7,457.22 +11.51 Lumpur Composite Index (KLCI) rose 4.16 to RM5.85 and Tenaga was unchanged at
FBM2BRD 4,741.28 -13.23 Foreign currency Bank sell Bank buy Bank buy
points or 0.387% to close at 1,079.40, RM7.65.
TECHNOLOGY 14.20 -0.12 TT/OD TT OD
pushed by gains mostly in Sime Darby and Bumiputra-Commerce edged up five
TURNOVER VALUE Genting. sen to RM9.10, Genting gained 15 sen to 1 US DOLLAR 3.5540 3.4890 3.4790
826.070mil RM885.763mil
The index, which opened 0.11 of a point RM5.80 while IOI Corporation shed two sen 1 AUSTRALIAN DOLLAR 2.9060 2.7790 2.7630
lower at 1,075.13, moved between 1,071.38 to RM4.70. – Bernama 1 BRUNEI DOLLAR 2.4620 2.4010 2.3930
1 CANADIAN DOLLAR 3.0680 2.9930 2.9810
1 EURO 5.0040 4.8830 4.8630
1 NEW ZEALAND DOLLAR 2.3290 2.2260 2.2100

No plans for third stimulus

1 PAPUA N GUINEA KINA 1.4700 1.2230 1.2070
1 SINGAPORE DOLLAR 2.4615 2.4010 2.3930
1 STERLING POUND 5.8710 5.7290 5.7090
1 SWISS FRANC 3.2840 3.2020 3.1870
100 ARAB EMIRATES DIRHAM 98.4900 93.2800 93.0800
100 BANGLADESH TAKA 5.5200 5.2000 5.0000
100 CHINESE RENMINBI N/A N/A N/A

package, says Najib Tiger

KUALA LUMPUR: There are no
plans currently to introduce a third
stimulus package as Malaysia wants
to avoid incurring too high a fiscal
deficit, Prime Minister Datuk Seri
Najib Abdul Razak said yesterday.
The government has so far intro-
duced two stimulus packages totalling
RM67 billion.
Najib who is also finance minister,
said the second stimulus package
worth RM60 billion unveiled in
March this year was designed to cover
a period of two years.
The first package valued at RM7
billion was introduced in November
last year.
“I am trying to avoid a third stimu-
lus package. There is a risk of that
(higher fiscal deficit) happening if we
introduce a third package.
“But if there are ways where we
can further stimulate our economy, I
am quite open to it if necessary. I am
keeping a very close watch in terms
of the fiscal deficit,” he said during
an interview with Adam Bakthiar
on financial news television channel
CNBC aired by Astro yesterday morn-
ing.
Najib was responding to a ques-
tion as to whether Malaysia would
introduce a third stimulus package
if the global economy and Malaysia
encounters a downside later this
year.
If there was a third package, the
funds would have to be drawn from
the liquidity in the market and not
from the government’s account, he
said.
When asked whether there would
be any further downgrade assess-
ments in Malaysia’s economic growth,
Najib said it all depends on how these
stimulus packages work.
“So, if the economic packages work
well, then we should be on track to
achieve the contraction of 4-5% as we
predicted,” he said.
He said that in the second half of
this year, the economy should see a
step up in terms of the implementa-
tion of the packages and the funds
feeling
groovy
pg 25
100 DANISH KRONE
100 HONGKONG DOLLAR
100 INDIAN RUPEE
100 INDONESIAN RUPIAH
100 JAPANESE YEN
100 NEW TAIWAN DOLLAR
69.2100
46.6700
7.6900
0.0362
3.7010
N/A
63.5700
44.2100
7.0600
0.0314
3.6110
N/A
63.3700
44.0100
6.8600
0.0264
3.6010
N/A
100 NORWEGIAN KRONE 57.1300 52.4700 52.2700
being disbursed. 100 PAKISTAN RUPEE 4.5200 4.1500 3.9500
“We believe that by end of this year 100 PHILIPPINE PESO 7.5400 7.0800 6.8800
and early next year, we should see a
steady global economic recovery. 100 QATAR RIYAL 99.2100 94.3700 94.1700
When that happens, Malaysia will be 100 SAUDI RIYAL 96.2500 91.5500 91.3500
in a better position and much more 100 SOUTH AFRICAN RAND 47.5800 43.7700 43.5700
high up on the radar screen of inves- 100 SRI LANKA RUPEE 3.2000 2.9300 2.7300
tors,” he added. 100 SWEDISH KRONA 47.9000 43.5300 43.3300
To another question, Najib said 100 THAI BAHT 11.2000 9.4900 9.0900
the government has no plans to inter-
Source: Bernama/ Malayan Banking Berhad
nationalise the ringgit in view of the
risks involved. “
We have learnt a painful lesson (CPI) for June rose slightly by
from the Asian Financial Crisis in 0.4% from May because of
increasing oil prices. – AFP
1997/98,” he said
He said there was no demand for briefs
internationalising the ringgit because ANA orders five
the ringgit was readily exchangeable
anywhere. Sino-Aussie iron ore more Boeing 787s
“We do not want to manipulate the TOKYO: Japan’s All Nippon
market in any way. Allow the ringgit talks collapse Airways said yesterday it had
to find its true value. That has been SYDNEY: Australian producers increased its order for Boeing’s
our policy and we will maintain our and Chinese buyers missed a troubled 787 Dreamliner to 55
policy,” he said. deadline to set benchmark iron aircraft, up from 50 previously.
The ringgit opened at 3.52 against ore prices yesterday, jeopardis- ANA was the launch cus-
the US dollar yesterday morning from ing a 42-year-old system and tomer for the US aviation giant’s
3.51 on Tuesday. – Bernama risking new friction between the next-generation 787 Dreamliner,
key trading partners. which has been beset by a series
Anglo-Australian mining giant of delays. – AFP
Rio Tinto, which spearheaded the
negotiations, refused to com- GM vehicle sales in
ment on whether talks would
continue after the overnight China soar
deadline expired but said its SHANGHAI: General Motors
customers were free to buy at China said yesterday sales in the
spot prices. world’s most populous nation
“If they choose to buy ore on have risen steeply so far in 2009,
the spot market, then they will,” marking a stark contrast to the
company spokesman Gervase auto giant’s woes elsewhere.
Greene said. The iconic but struggling US
“Our position hasn’t changed, automaker reported its joint
which is while we prefer the ventures sold 814,442 vehicles
benchmark system, it’s always in China in the first half of 2009,
a matter for customers. If they up 38% from the same period
prefer the spot market, then they last year.
will (use it).” “China’s vehicle market con-
Talks had deadlocked on tinued to outpace most expec-
Chinese demands for deeper tations for growth,” GM China
cuts than the 33-44 % negotiated Group President Kevin Wale said
with Japan and South Korea on in a statement. – AFP
the benchmark, which sets ore
contract prices over the coming Shinsei and Aozora
year. – AFP
to merge
Thai inflation in TOKYO: Japanese lenders Shin-
sei and Aozora, which have been
June contracts 4% hit hard by the global financial
BANGKOK: Thailand’s headline crisis, announced yesterday
inflation contracted by 4% in a planned merger that would
June, the sixth consecutive create the nation’s sixth biggest
month to see a drop, the com- commercial bank.
merce ministry said yesterday. The two companies said in
The year-on-year contraction a joint statement that they had
was also the steepest monthly agreed to a merger of equals
drop this year, the ministry said, that is expected to take effect
but the Consumer Price Index by October 2010. – AFP