theSun | THURSDAY JUNE 18 2009 17

business KLCI
STI
1,070.90
2,271.45
3.22
16.71
Nikkei
TSEC
9,840.85
6,195.91
87.97
24.90
Hang Seng 18,084.60 80.90 KOSPI 1,391.17 7.98
SCI 2,810.47 34.45 S&P/ASX200 3,904.10 58.4

KL market summary
JUNE 17, 2009
INDICES
FBMEMAS
CHANGE
7,200.31 -23.44
CI down amid mixed markets
COMPOSITE 1,070.90 -3.22 SHARE prices on Bursa Malaysia closed lower when the market would touch its low.
INDUSTRIAL 2,339.11 +8.34 yesterday on profit taking amid mixed regional “We’ll recognise the bottom only when
CONSUMER PROD 321.30 +1.54 markets, but gains in select key heavyweights we see it,” he said, adding that, there was
INDUSTRIAL PROD 86.34 -0.33 like Maybank and British American Tobacco a lack of fresh leads in both the general and
CONSTRUCTION 207.45 -1.4 capped losses, dealers said. local economy to boost the market.
TRADING SERVICES 141.68 -0.89
FINANCE 8,588.08 -0.11
KLCI declined 3.22 points to 1,070.9 after Pong said with the market in a correction
PROPERTIES 760.81 -1.00 opening 2.13 points lower at 1,071.99. phase, it could go back to around the 1,000
PLANTATION 5,390.54 +2.44 Jupiter Securities head of research Pong level before making a comeback.
MINING 277.62 unch Teng Siew said the local market has been on However, gainers led losers by 367 to 314 EXCHANGE RATES June 17, 2009
FBMSHA 7,424.90 -20.49 a liquidity rally and cautioned that it could while 233 counters were unchanged, 341
FBM2BRD 5,013.78 +117.22 also end suddenly. untraded and 64 others suspended.
TECHNOLOGY 14.87 +0.02 Foreign currency Bank sell Bank buy Bank buy
“The market’s rally in march had been due Volume further slipped to 1.359.682 billion
TT/OD TT OD
TURNOVER VALUE to the liquidity inflow. But now it’s easing off,” shares worth RM1.338 billion from 1.555 bil-
he said. lion shares worth RM1.844 billion yesterday. 1 US DOLLAR 3.5690 3.5040 3.4940
1.359bil RM1.338bil
But he added it couldn’t be determined — Bernama 1 AUSTRALIAN DOLLAR 2.8670 2.7410 2.7250
1 BRUNEI DOLLAR 2.4490 2.3900 2.3820
1 CANADIAN DOLLAR 3.1560 3.0780 3.0660
1 EURO 4.9540 4.8340 4.8140

Obama to unveil financial

1 NEW ZEALAND DOLLAR 2.2780 2.1790 2.1630
1 PAPUA N GUINEA KINA 1.4520 1.2110 1.1950
1 SINGAPORE DOLLAR 2.4485 2.3900 2.3820
1 STERLING POUND 5.8630 5.7210 5.7010
1 SWISS FRANC 3.2900 3.2080 3.1930
100 ARAB EMIRATES DIRHAM 98.9700 93.6400 93.4400
100 BANGLADESH TAKA 5.5200 5.2000 5.0000

supervision reforms 100 CHINESE RENMINBI

100 DANISH KRONE
100 HONGKONG DOLLAR
100 INDIAN RUPEE
100 INDONESIAN RUPIAH
100 JAPANESE YEN
N/A
68.5100
46.8700
7.7700
0.0366
3.7120
N/A
62.9600
44.3900
7.1400
0.0320
3.6210
N/A
62.7600
44.1900
6.9400
0.0270
3.6110
WASHINGTON: US President Barack said the financial oversight council 100 NEW TAIWAN DOLLAR N/A N/A N/A
Obama (pix) will propose wide re- would “help fill gaps in supervision 100 NORWEGIAN KRONE 57.4700 52.8000 52.6000
forms that will see the Federal Reserve and facilitate coordination of policy 100 PAKISTAN RUPEE 4.5200 4.2000 4.0000
gain broad powers and a national bank and identify emerging risks.” 100 PHILIPPINE PESO 7.5800 7.1000 6.9000
supervisor created to avoid a repeat of He also said the Federal Reserve
100 QATAR RIYAL 99.5900 94.7300 94.5300
the financial turmoil. would act as “consolidated supervisor”
It will be the first major bid to over- of all large banks and other financial 100 SAUDI RIYAL 96.6600 91.9500 91.7500
haul the highly complex US financial institutions under the reforms. We’re 100 SOUTH AFRICAN RAND 45.7400 42.0800 41.8800
regulatory network since a home The so-called “tier one” financial going to 100 SRI LANKA RUPEE 3.2100 2.9500 2.7500
mortgage meltdown shook the core holding companies will be “subject make 100 SWEDISH KRONA 47.2600 42.9700 42.7700
of the system and sent markets into a to more exacting supervisory require- sure that 100 THAI BAHT 11.2000 9.5000 9.1000
tailspin worldwide. ments and capital standards.”
“We’re going to make sure that “We want to do it right. We want to we’ve Source: Malayan Banking Berhad/Bernama

we’ve got a systemic regulator, do it carefully,” Obama told CNBC, as got a

somebody who can oversee the entire
system and, when you start seeing the
kinds of risks that we saw being taken
in this last crisis, that we can catch it
before the crisis occurs,” Obama told
Bloomberg Television.
Officials told a media briefing that
Obama would propose a Financial
Services Oversight Council led by
the Treasury Department to oversee
supervision of the financial system.
The plan is also to make the Federal
Reserve the centralised supervisor of
large banks and other key financial
institutions, officials said.
The Office of Thrift Supervision — a
federal bank regulator and supervisor
— will be abolished under the reform
proposals, the officials said.
The agency came under fire for
briefs
KFC plans China expansion
as US sales fall: State media
BEIJING: Fast food giant KFC is planning to
open around 370 outlets in China this year,
with the firm boosted by growing local sales,
while revenues fall at home in the US, state
media said yesterday.
“KFC has (been) and will be opening at
least one more store everyday” this year, said
Han Jilin, vice-president of the China division
of Yum!, KFC’s parent, according to the China
Daily.
The move will mark KFC’s most ambitious
expansion in China since its entry into the
country in 1987, the report said.
The food retailer has already opened more
than 240 outlets since the beginning of the
year and inaugurated store number 2,600 in
the central city of Zhengzhou on Tuesday, the
paper said.
In its financial report for the first quarter,
Yum! said sales per store in China increased
by 2%, compared with a 2% drop in the US,
the report said. — AFP
he gave a broad outline of the plans. systemic
regulator,
Global
“We want to make sure we’re
getting the best possible regulatory
framework in place so that we’re not
somebody
repeating the mistakes of the past.” who can
Obama also wants to set up a
federal consumer financial protection
agency to shield Americans from
oversee
the entire
system.”
economic
the near collapse of insurance giant
AIG, which was eventually bailed out
predatory practices from credit card
firms, banks and mortgage markets
under the revamp, officials said. - Obama recovery next
year: IMF chief
by the government for US$180 billion The planned Consumer Federal
(RM630 billion), and the failure of Protection Agency will cover credit,
Washington Mutual, the biggest bank savings and other payment markets,
to fail in US history. one official said.
US investment banking icon Leh- Obama will also propose to impose DUSHANBE: The global economy should begin show-
man Brothers had also collapsed at stringent capital and liquidity require- ing signs of recovery by next year, IMF managing di-
the height of the financial turmoil in ments for the largest and most “inter- rector Dominique Strauss-Kahn said yesterday during
September. connected” financial firms, officials a visit to the Central Asian state of Tajikistan.
A senior administration official said. — AFP The fund chief said that although 2009 was likely to
continue to bring difficulties, negative global financial
trends should begin to retreat by 2010.
“We.... expect that the rate of growth in the global
Australia rejects state’s buy fall recorded in April and the 17.3% drop in
March, according to the data released by
economy will begin to recover in 2010, and with the
local policy, fears trade war rate of growth recovering in the world economy, so
SYDNEY: Australia yesterday hit out at its
International Enterprise (IE) Singapore, the
government’s trade promotion body.
too will it grow in your country,” he told reporters
through a translator.
most populous state over a “protectionist” It was also better than the 16.6% drop Strauss-Kahn made the comments to reporters after
policy favouring local companies, fearing expected in a Dow Jones Newswires poll of meeting with Tajik president Emomali Rakhmon as
it could spark an international trade war.
The New South Wales state govern-
analysts. — AFP part of a tour of Central Asian states, many of which
have been badly affected by the global financial down-
ment this week unveiled a policy that
allowed Australian firms to bid up to 25%
Oil slides, most Asia shares turn.
down fourth day Despite data that the plunge in remittances from
higher than overseas rivals for govern- Tajik labourers working in Russia and China is strain-
ment contracts and still win the tender. HONGKONG: Most stocks in Asia edged ing the economy, Strauss-Kahn said Dushanbe had
Federal Trade Minister Simon Crean lower yesterday, weighed down by re- pursued largely sound anti-crisis measures.
called the policy “misguided” and said the source-related shares and doubts about a “I think what has been done by the government
United States and European Union had global economic recovery, while oil slipped was correct given the situation in the economy, espe-
already raised concerns. below US$70 (RM247) a barrel ahead of US cially on the monetary side and by letting the currency
“It is also moving in the direction of inventory data that could reflect slowing depreciate,” he said.
protectionism and it will invite retaliatory energy demand. Tajikistan — a mountainous former Soviet republic
action by our trading partners,” he said. US Treasuries eased on profit taking which borders China and Afghanistan — has struggled
— AFP after a surge overnight, but may not stay to provide even basic services for its citizens in recent
down for long, especially after the Federal years, with blackouts the norm across much of the
Singapore key exports fall Reserve bought US$6.45 billion (RM22.8 country last winter.
billion) in Treasury debt on Tuesday and a The IMF boss began his regional tour on Monday
at slower pace in May report showed industrial capacity use at in Central Asia’s economic powerhouse, Kazakhstan,
SINGAPORE: Singapore said yesterday that a record low. whose resource-driven economy has been battered
the decline in its exports eased in May, with The MSCI index of Asia Pacific shares as the global economic downturn has forced down
buoyant pharmaceuticals shipments offset- outside Japan fell 1% and looked set commodities prices.
ting a fall in electronics. for its fourth consecutive day of losses. The trip comes as China and Russia are both seek-
Non-oil domestic exports (NODX) were The index has now fallen 5.6% from an ing to increase their influence in this strategically
12.1% lower year on year. eight-month high reached two weeks ago. vital region, as evidenced by billions in loans, aid
The figure was slower than the 19.2% — Reuters and investment from Moscow and Beijing in recent
months. — AFP