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theSun | TUESDAY JUNE 30 2009 17

business KLCI
Hang Seng 18,528.51 71.75 KOSPI 1,388.45 6.08
SCI 2,975.31 47.10 S&P/ASX200 3,886.90 16.90

KL market summary

JUNE 29, 2009
7,220.91 +9.45
Share prices end mixed
COMPOSITE 1,075.84 +0.07 SHARE prices on Bursa Malaysia lion shares worth RM998.192 million
INDUSTRIAL 2,349.65 +3.08 closed mixed yesterday amid the compared with Friday’s closing of
CONSUMER PRODUCT 320.39 +0.65 lack of fresh leads and a lower per- 1.203 billion shares worth RM1.247
INDUSTRIAL PRODUCT 84.81 -0.20 formance on Wall Street last Friday. billion.
CONSTRUCTION 208.35 +1.73 The benchmark KLCI closed Jupiter Securities Sdn Bhd’s head
0.07 of a point higher at 1,075.84, of research Pong Teng Siew said
FINANCE 8,549.04 +25.87
PROPERTIES 723.47 +2.54 supported by gains mostly in trading activities were range bound
heavyweights like Sime Darby and with most fund managers sidelined
-4.05 Maybank. amid the lack of clear leads from
EXCHANGE RATES June 29, 2009
FBMSHA 7,464.46 +12.47 Mild profit taking was also seen overseas markets.
FBM2BRD 4,791.18 -7.62 in some lower liners as the CI, Window dressing activities were Foreign currency Bank sell Bank buy Bank buy
TECHNOLOGY 14.47 +0.03 which opened 2.75 points higher at also reduced as fund managers TT/OD TT OD
1,078.52, moved between 1,072.41 closed their book for the quarter, 1 US DOLLAR 3.5650 3.5000 3.4900
and 1,079.47. he said when contacted here. – 1 AUSTRALIAN DOLLAR 2.9080 2.7810 2.7650
877.334mil RM998.192mil
Volume dropped to 877.335 mil- Bernama
1 BRUNEI DOLLAR 2.4600 2.3990 2.3910
US stock 1 CANADIAN DOLLAR 3.1000 3.0240 3.0120
rises after 1 EURO 5.0220 4.9010 4.8810

Wall Street swindler super
pg 31

Madoff jailed for 150 years
100 ARAB EMIRATES DIRHAM 98.8800 93.5600 93.3600
100 BANGLADESH TAKA 5.5200 5.2000 5.0000
100 DANISH KRONE 69.4600 63.8100 63.6100
100 HONGKONG DOLLAR 46.8200 44.3500 44.1500
100 INDIAN RUPEE 7.6900 7.0700 6.8700
NEW YORK: Wall Street swindler of no more than 20 years which he Once the darling of the markets 100 INDONESIAN RUPIAH 0.0364 0.0310 0.0260
Bernard Madoff was handed a 150-year said would be “sufficient” given Mad- who was believed to have the Midas 100 JAPANESE YEN 3.7530 3.6610 3.6510
jail term yesterday, the maximum sen- off’s remorse. touch, Madoff now languishes in a tiny 100 NEW TAIWAN DOLLAR N/A N/A N/A
tence possible for his massive financial But many of the victims asked for prison cell after admitting 11 charges 100 NORWEGIAN KRONE 57.0300 52.2800 52.0800
scam over years, that ruined high-end the toughest possible sentence be of fraud, perjury and theft in March.
Hollywood clients and middle-class imposed including one tearful woman Among his victims were Hollywood 100 PAKISTAN RUPEE 4.5000 4.2000 4.0000
pensioners alike. who asked that he be kept “in a cage celebrities, international movers and 100 PHILIPPINE PESO 7.6000 7.1200 6.9200
“It is the judgment of this court that behind bars,” and a man who, after be- shakers, some of the world’s most 100 QATAR RIYAL 99.4600 94.6100 94.4100
Bernard Madoff should be sentenced ing financially “wiped out by Madoff” famous banks and Jewish charities, 100 SAUDI RIYAL 96.5500 91.8400 91.6400
to 150 years in jail,” Judge Denny Chin said he wants “to make sure his prison some of which were forced to close 100 SOUTH AFRICAN RAND 46.7800 43.0400 42.8400
said, imposing the toughest possible cell becomes his coffin.” after the scheme unraveled. 100 SRI LANKA RUPEE 3.2100 2.9400 2.7400
sentence despite Madoff’s courtroom The verdict came some six months Madoff told the court in March that
apology to his victims. after the former Nasdaq stock market of the billions of dollars which passed 100 SWEDISH KRONA 47.4500 43.0400 42.8400
“I leave a legacy of shame to my chairman was unmasked as a huge through his hands during his three- 100 THAI BAHT 11.2300 9.5200 9.1200
Source: Malayan Banking Berhad/Bernama
family. I am responsible for a great con artist whose ruined victims lost decade scam he never invested one
deal of suffering and pain. I live in a homes, inheritances, stock portfolios cent in the market. Instead he stashed
tormented state,” the disgraced fin- and life savings in one of the biggest the funds in a Chase Manhattan bank
ancier said, addressing the judge and financial scams of all time. account. light sweet crude for August
victims, several of whom also spoke at Prosecutors say about US$13 bil- The funds were then used to pay delivery dropped 70 cents to
the hearing.
“I will live with this pain for the rest
lion (RM46 billion) was handed to
Madoff. The financier himself has
out “dividends” to investors in what is
known as a “Ponzi scheme.”
briefs US$68.46 (RM239.61) a barrel
while Brent North Sea crude for
of my life,” said Madoff. talked about losing some US$50 billion The sums were shockingly large August delivery sank 68 cents to
“I apologise to my victims. I am (RM175 billion), which is believed to – bigger than the gross domestic prod- US$68.24 (RM238.84).
sorry,” he said. be the amount that would have been uct of countries such as Luxembourg, China halts metals Both contracts closed lower
Defence lawyer Ira Sorkin had paid out had the funds been properly and more than the external debt of stockpiling for now
asked the judge to impose a sentence invested. several poor African nations. – AFP “Oil pricing is under pressure
SHANGHAI: Beijing has suspended from concerns regarding the
buying non-ferrous metals for state weak oil demand in the US,” said

Mumbai bridge raises hopes for reserves after government stockpil-
ing led to a surge in prices, Chinese
media reported.
Victor Shum, a Singapore-based
analyst with energy consultancy
Purvin and Gertz.

new Indian infrastructure
China has been building its inven- Crude fell at the end of last
tories of metals, including 235,000 week during US trading hours
tonnes of copper, over recent after official data released Friday
MUMBAI: After years of delays and legal wran- months, Caijing magazine reported showed spending by American
gling, India’s first “sea bridge” opens to traffic on its website over the weekend, consumers rose a weak 0.3%
this week, aiming to ease chronic congestion on citing Yu Dongming, an official with in May from April, supported
Mumbai’s notoriously choked roads. the state economic planner. mainly by a massive government
It is hoped that the 16.5-billion-rupee (RM1.9 China also bought 590,000 stimulus.
billion) eight-lane freeway will help cut the 40- tonnes of aluminium, 159,000 New unrest in oil-producing Ni-
minute journey between the suburbs of Bandra tonnes of zinc, 30 tonnes of indium geria was another factor which saw
and Worli to just eight minutes. and 5,000 tonnes of titanium, said crude prices rising above US$71
But as the bridge opens today to ease the bot- Yu, who works in the National (RM248.50) at one stage during
tleneck of honking cars, lorries and motorbikes Development and Reform Commis- intra-day trading on Friday, analysts
on the mainland, there are hopes, too, that as well sion’s industry department. said. – AFP
as showing off India’s engineering prowess, it can “In the current market situation,
inspire other projects elsewhere. aluminium firms have already start-
ed to make profits and non-ferrous
EU delays ruling on
“The Bandra-Worli Sea Link is an engineering
marvel which shows that Indian construction play- metals prices have rebounded,” he Lufthansa-AUA deal
ers have come of age, and are capable of matching was quoted as saying. VIENNA: The EU Commission is split
global counterparts,” said Hitesh Agrawal, head of “It’s had the expected effect over Lufthansa’s takeover of Aus-
research with Angel Broking. The Bandra- and, given these circumstances, we trian Airlines and the long-expected
“But the government needs to look into critical Worli Sea don’t expect the state will continue ruling on the deal has been delayed
issues to ensure infrastructure projects are not Link is an to build its reserves.” by another two weeks, the daily Der
delayed,” he said. India’s infrastructure sorely engineering Yu added that middlemen, rather Standard reported yesterday.
needs an overhaul but road, rail, airport and power marvel than domestic companies that the Originally, Brussels had been
schemes have often been delayed by tortuous state which shows government intended to support, scheduled to decide on the takeover
bureaucracy, a lack of private sector funding and that Indian had unexpectedly become “the big- of the ailing Austrian carrier by the
land ownership disputes. construction gest beneficiary” of Beijing’s buying German rival on July 1.
India’s economy grew by 6.7% in 2008-09, down players have spree. – AFP But Transport Commissioner
from 9% a year earlier, hit by the effects of the glo- come of age. Antonio Tajani and Competition
bal economic downturn. GDP could be between Oil extends losses on Commissioner Neelie Kroes cannot
agree on a €500-million (RM2.45 bil-
6% and 6.3% in 2010, according to analysts. economic concerns lion) subsidy from the Austrian state
Policy makers identified infrastructure projects
as key to helping the economy bounce back to the SINGAPORE: Oil slipped further at the centre of the deal, the news-
near double-digit growth of recent years. Pricewa- in Asian trade yesterday as in- paper reported, quoting sources in
terhouseCoopers estimates that more than US$500 vestors continued to worry over Brussels.
billion worth of investment will flow towards the state of the US economy, The final decision has now been
India’s infrastructure sector by 2012, to upgrade or the world’s biggest energy user, set back by two weeks and may
build more roads, ports, railway lines and airports. analysts said. even see the deal unravel com-
– AFP New York’s main contract, pletely, it said. – AFP