16 theSun | MONDAY NOVEMBER 24 2008

business news

KL market summary
NOVEMBER 21, 2008

Share prices expected to stay volatile INDICES

SHARE prices on Bursa Malaysia
are expected to remain volatile this
week amid continuing worries over
the global economic slowdown with
few countries going into recession,
dealers said.
Countries like Japan, Singapore,
Europe, Australia and New Zealand
are technically in recession.
“Investors will continue to take a
cautious stance and adopt a “sell on
rallies” strategy as the global markets
are still not stable and are subject to
poor economic news that may ema-
nate from the US and the rest of the
world,” one of the dealers said.
He said if the current situation is
to deteriorate, it will definitely spread
around the globe, and Malaysia may
not be excluded.
“Investors are still waiting for
more positive news before making
any move,” the dealer said.
FBMEMAS
COMPOSITE
CHANGE
5698.82
866.88
+19.09
+1.56
Amid the uncertainties in the On Friday, the KLCI managed to re- declined to 2.881 billion INDUSTRIAL 2103.28 -13.84
market, the market barometer KLCI bound in line with the rise in regional shares worth RM3.386 billion CONSUMER PROD 274.08 -1.01
is expected to hover around 860-880 markets which was triggered by compared with 4.099 billion INDUSTRIAL PROD 67.95 -0.11
level this week. speculation that the governments will shares worth RM4.759 billion CONSTRUCTION 152.14 +2.91
“Bargain hunting will continue with step up efforts to revive economies. the previous week. TRADING/SERVICES 121.82 +0.07
FINANCE 6600.94 +19.11
focus on large cap stocks, especially The KLCI closed the week at The Main Board volume PROPERTY 521.04 +7.29
finance, property and construction 866.88, down 14.77 points from the also fell to 2.502 billion PLANTATION 3727.17 -16.01
stocks,” another dealer said. previous Friday’s 881.65. shares worth RM3.323 bil- MINING 243.17 UNCH
The country’s inflation rate de- The Industrial Index lost 14.97 lion as against 3.594 billion FBMSHA 5919.22 +30.33
clined to 7.6% in October following point to 2,103.28 from 2,118.25, shares worth RM4.649 billion FBM2BRD 4354.22 +29.88
the reduction in fuel prices. the Finance Index fell 159.99 points previously. TECHNOLOGY 13.39 -0.20
Bank Negara Malaysia is due to to 6,600.94 from 6,760.93 and the Volume on the Sec-
TURNOVER VALUE
decide on its monetary policy stance Plantation Index went down 145.65 ond Board went down to
today. points to 3,727.17 from 3,872.82. 171.190 million shares worth 725.168mil 753.918mil
Most economists expect the cen- The FBMEmas declined 116.47 RM40.738 million versus
tral bank to slash the overnight policy points to 5,688.92 from 5,805.39 and 287.284 million shares worth to 72.012 million shares worth
rate which is currently at 3.50%. the FBM30 slipped 69.39 points to RM80.035 million. RM2.526 million from 66.857 million
The local stock market started the 5,626.73 from 5,696.12. The Mesdaq Market volume shares worth RM2.739 million.
week in a bearish trend following the The FBM2BRD was down by 141.83 dropped to 124.761 million shares Direct business deals slipped
huge falls on Wall Street, but the gov- points to 4,307.48 from 4,449.31 and worth RM19.936 million from 150.371 to 203.654 million shares worth
ernment’s move to reduce fuel price the FBM-MDQ shed 106.26 points to million units worth RM27.254 mil- RM184.152 million from 289.194 mil-
by another 15 sen last Wednesday 3,383.72 from 3,489.98. lion. lion units worth RM177.062 million
helped to limit the losses. Overall volume for the week Call warrants, however, increased previously. – Bernama

The accidental steel builder

by Karen Arukesamy on such projects as Burj Al-Arab Hotel, 1982. “I did not political connection
newsdesk@thesundaily.com Emirates Tower, Ski Dome in Dubai, Khalifa know the ABC of I have.
Olympic Stadium in Doha, Qatar, Petronas structural steel and “But there’s
PETALING JAYA: For someone who Tower 2 and KL International Airport learnt the trade step none, actually. It
describes himself as an “accidental” steel (KLIA). by step by working is all on merit,”
contractor, Datuk A.K. Nathan (pix) appears Nathan, who set up Eversendai alongside my said Nathan, who
to have thrived in the sector, gaining Corporation Sdn Bhd in 1984, credits his workers,” he said. is among 14 top
international repute and leaving his mark brother for his foray into the industry in “My brother, nominees in the
who was in the Ernst and Young
construction Entrepreneur of the
business in Year Awards 2008
Singapore, knew under the Masters
the Japanese category.
company that was Life wasn’t
undertaking the always so rosy for
Dayabumi project,” Nathan. He had
he explained. to cut short his
Nathan found a studies in India,
subcontractor in the and returned to
yellow pages, who, Malaysia to work
thinking Nathan was in a printing press
a greenhorn, tried to for a while, before
take him for a ride. switched to selling
“So I befriended insurance, and
the supervisor (of even tried running
the subcontractor), his own printing
learnt more about business, “which
the job and brought did not do well”.
in more people to Nevertheless,
get the job done,” he with three
said. basic principles
“My biggest – adherence to
breakthrough was schedule, quality
in 1983 when we and safety,
completed the Eversendai has
national car plant grown from a
– Proton Saga car modest structural
plant,” he said. steel erector into
Around the I did not know the ABC of a total design-
same time, he structural steel and learnt and-build steel
met Tiyamaki, contractor, winning
a Japanese
the trade step by step by working many prestigious
construction project alongside my workers.” projects locally and
manager. internationally,
“We were including the tallest
strangers and I didn’t have any track and the largest structures in the world.
record, but somehow he felt he could trust “Since 2003, I have embarked on
me and gave me a project,” he said. diversification to seal Eversendai’s status
That project was followed by many as the largest steel contractor in the Middle
others from Tiyamaki, from whom Nathan East.
also picked up the Japanese working “We have established fabrication
culture and incorporated it into his factories in Dubai, Sharjah and Qatar with
management approach. a combined annual capacity of 78,000
“That’s how we slowly built our tonnage of fabricated steel,” he said.
company name,” he said. Some of its latest projects include the
“Singapore was the second turning point Rose Tower, Dubai Mall, Burj Dubai and Al
in our business. The Tuas checkpoint at Mas Tower, all in Dubai; Qatar Science and
the causeway on the Singapore side was Technology Park; and Tanjung Bin Power
built by us. Plant in Malaysia.
“From there, we expanded to other Among the awards Eversendai has
countries – Indonesia, Thailand, the won are the International Achievement
Philippines, Hongkong, Saudi Arabia, Award, Malaysian Construction Industry
Bahrain, Oman, Qatar, Abu Dhabi and Excellence Award by the Construction
Dubai,” he said. Industry Development Board (CIDB) and
The high-profile landmark jobs Nathan the Golden Construction Award-New
has landed have attracted much curiosity. Millennium Award by the Trade Leaders
“People have asked me what kind of Club in Madrid, Spain.