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theSun

| THURSDAY MAY 21 2009

13

business
KLCI STI Hang Seng SCI 1,042.63 2,269.24 17,475.84 2,651.41 19.14 8.88 68.19 25.27 Nikkei TSEC KOSPI S&P/ASX200 9,344.64 6,703.62 1,435.70 3,824.60 54.35 48.03 7.49 7.30

KL market summary

EXCHANGE RATE
Foreign currency

MAY 20, 2009

Bank sell Bank buy Bank buy

Heavyweights drive shares up
SHARE prices on Bursa Malaysia ended higher with the benchmark KLCI hitting a new high due to the buying of key heavyweights, especially finance and plantation stocks, said dealers. At 5pm, the benchmark KLCI rose 19.14 points or 1.87% higher at 1,042.63, after opening 0.68 of a point easier at 1,022.81 in the morning, with an intra-day high of 1,044.77. The KLCI previously hit an eightmonth high of 1,026.78 on May 8. TA Securities head of research, Stephen Soo, said heavyweights in the market experienced a delayed rally after regional markets went on an uptrend yesterday. “There could be some foreign buying interest in the heavyweights but the lower liners were on profit-taking and consolidation mode,” he said. He expects the market’s support level to be at 1,054 and the resistance at 1,0211,000. Among the active stocks, KNM and TA-WB slipped one sen each to 80 sen and five sen respectively, SAAG went down 1.5 sen to 35 sen and Scomi fell three sen to 69 sen.

MAY 20, 2009 INDICES FBMEMAS COMPOSITE INDUSTRIAL PRODUCT CONSUMER PRODUCT INDUSTRIAL PRODUCT CONSTRUCTION TRADING SERVICES FINANCE PROPERTIES PLANTATION MINING FBMSHA FBM2BRD TECHNOLOGY TURNOVER 1.872bil CHANGE 6943.53 1042.63 2309.98 307.81 80.34 201.53 138.21 8163.00 677.89 5336.70 310.05 7294.66 4575.45 14.50 124.26 19.14 41.60 4.58 0.73 2.72 2.05 127.53 6.57 190.86 26.35 150.14 1.95 0.00

1 US DOLLAR 1 AUSTRALIAN DOLLAR 1 BRUNEI DOLLAR 1 CANADIAN DOLLAR 1 EURO 1 NEW ZEALAND DOLLAR 1 PAPUA N GUINEA KINA 1 SINGAPORE DOLLAR 1 STERLING POUND 1 SWISS FRANC 100 ARAB EMIRATES DIRHAM 100 BANGLADESH TAKA 100 CHINESE RENMINBI 100 DANISH KRONE 100 HONGKONG DOLLAR 100 INDIAN RUPEE 100 INDONESIAN RUPIAH 100 JAPANESE YEN 100 NEW TAIWAN DOLLAR 100 NORWEGIAN KRONE 100 PAKISTAN RUPEE 100 PHILIPPINE PESO 100 QATAR RIYAL 100 SAUDI RIYAL 100 SOUTH AFRICAN RAND 100 SRI LANKA RUPEE 100 SWEDISH KRONA 100 THAI BAHT

TT/OD 3.5730 2.7960 2.4470 3.1020 4.8820 2.1790 1.4160 2.4465 5.5460 3.2360 99.0700 5.5200 N/A 67.5200 46.9200 7.7900 0.0361 3.7330 N/A 57.4900 4.5400 7.7200 99.7000 96.7700 43.7100 3.2100 48.2900 11.1400

TT 3.5080 2.6750 2.3870 3.0260 4.7630 2.0830 1.1790 2.3870 5.4110 3.1510 93.7300 5.2000 N/A 62.0300 44.4400 7.1600 0.0310 3.6430 N/A 52.7800 4.2100 7.2600 94.8300 92.0500 40.2200 2.9400 43.9100 9.4400

OD 3.4980 2.6590 2.3790 3.0140 4.7430 2.0670 1.1630 2.3790 5.3910 3.1360 93.5300 5.0000 N/A 61.8300 44.2400 6.9600 0.0260 3.6330 N/A 52.5800 4.0100 7.0600 94.6300 91.8500 40.0200 2.7400 43.7100 9.0400

VALUE RM1.864bil

The top gainers for the day included Kuala Lumpur Kepong which increased 70 sen to RM12.00, Nestle which went up 50 sen to RM29.00 and PPB which gained 40 sen to RM3.80. As for the heavyweights, Sime Darby, Maybank and Tenaga Nasional were up 25 sen each at RM6.95, RM5.30 and RM7.55 respectively. Bumiputra-Commerce and MISC dropped five sen each to RM8.85 and RM8.45 respectively, IOI Corp gained 16 sen to RM4.64 and Public Bank went up 15 sen to RM8.60. – Bernama

Source: Malayan Banking Bhd/Bernama

Macau tycoon’s daughter ‘unsuitable’ for US casino
HONGKONG: Pansy Ho (pix), heir-apparent to the Macau casino empire run by her tycoon father Stanley Ho, said yesterday she was studying a US ruling that she was an “unsuitable” partner for gaming giant MGM Mirage. The New Jersey Division of Gaming Enforcement also recommended that the company be “directed to disengage itself from any business association” with Pansy Ho, who owns 50% of the US$1.25 billion (RM4.4 billion) MGM Grand Macau. The report was revealed in a filing by MGM to the US stock exchange late Tuesday. The regulator did not give any reason for its findings in the filing. Pansy Ho said in a statement she was aware of the regulator’s report to the New Jersey Casino Control Commission, which has the power to issue and revoke gaming licences in the state. She said: “I and my advisers will need time to read and consider the contents of the report and decide how best to respond to it in due course.” MGM Mirage’s partnership with Pansy Ho has been approved by regulators in four other US states – Nevada, Illinois, Michigan and Mississippi – where the company operates casinos, reports said. The Financial Times said the regulator’s finding could jeopardise MGM Mirage’s licence for its casino in Atlantic City, but the South China Morning Post in Hongkong quoted MGM as saying the recommendation was “not binding.” New Jersey formally launched its investigation into Pansy Ho’s partnership with MGM Mirage in late 2005. “Stanley Ho is a wealthy Chinese businessman who has been the subject of numerous public allegations suggesting that he has ties to Asian organised crime,” the New Jersey attorney general’s office said in its 2005 annual report, according to the Post. Pansy Ho is the eldest child by her father’s third wife and, is one of the principal heirs to his business empire. Stanley Ho had enjoyed a monopoly over Macau’s gaming market for four decades until the government began issuing licences to overseas casino operators in 2002. He has never been accused of any wrongdoing in Macau or Hongkong, where his corporate flagships are listed. – AFP

Malaysia up one notch in global competitiveness
KUALA LUMPUR: Malaysia’s ranking in the world competitiveness moved up one notch to 18th position this year from 19th place last year, according to the recently released World Competitiveness Yearbook 2009. Malaysia is among the top 20 economies, being at 18th out of 57 economies. Malaysia has overtaken Ireland which slipped to 19th position, China in 20th and Taiwan in 23rd position, said Minister of International Trade and Industry (Miti) Datuk Mustapa Mohamed yesterday. “The challenge this year is to ensure our position can be sustained next year, if not improved. So, this will give encouragement to Miti and all government ministries to improve further our ranking,” Mustapa said during a media briefing on the World Competitiveness Yearbook 2009, here yesterday. Published by the Swiss-based Institute for Management Development (IMD), the report is released annually ranking nations according to their competitiveness index. Malaysia’s competitiveness index increased to 77.162 this year from 73.199 last year, Mustapa said, adding that it was the highest index score recorded indicating the robust competitiveness environment of Malaysia. Mustapa said the achievement was attributed to the collaborative efforts by both the public sector which provided the requisite infrastructure, as well as the private sector which drives the growth. “The public sector through its proactive policies had been able to diversify the economy, attract direct investment and achieve growth in exports of goods. “It is encouraging that these had been achieved in an environment of stable cost of living and exchange rates. Through these efforts, Malaysia’s economic performance remained among the top ten,” Mustapa said. To sustain or improve Malaysia’s ranking in competitiveness, Mustapa said the country would have to focus on the delivery system and raising the innovative and creative capacity of small and medium enterprises. Malaysia also needs to enhance efficiency and productivity via public and private sector collaboration to reduce the costs of doing business, and to ensure employability of the workforce through knowledge and skills upgrading. In terms of economic performance, Malaysia’s ranking went down to 9th level from 8th position last year due to the slowdown in economic growth, which also impacted the rest of the world. The ranking for government efficiency was maintained at 19th position with the improved performance and in reflection of the commendable work done by Taskforce to Facilitate Business (Pemudah) in streamlining and improving the government delivery system, Mustapa said. Malaysia’s ranking in infrastructure was at 26th place from 25th position last year. Hence, there is a need to improve infrastructure to drive higher growth in the economy and develop green technology for future sustainability, he said. – Bernama