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MARKET WRAP: WEEK ENDED

10 DECEMBER ‘10 WEEKLY HIGHLIGHTS
Bursa Securities vs Public Mutual’s performance*
10 Dec'10 3 Dec'10 % chng
FBM KLCI 1,507.28 1,500.98 +0.4  The FBM KLCI moved to a 4-week
FBMS Shariah 9,922.48 9,913.58 +0.1
MSCI FEXJ# 514.96 514.83 +0.03
intraday high of 1,523.0 points on
MSCI World# 323.94 322.13 +0.6 Friday before pulling back to close at
Local Funds 1,507.3 points for the week with an
PSF 0.7420 0.7366 +0.7
PGF 0.5475 0.5424 +0.9 increase of 0.4%.
PIX 0.7718 0.7611 +1.4
PIF 0.5485 0.5421 +1.2
PAGF 0.7626 0.7584 +0.6  Regional markets were generally well-
PRSF 0.6485 0.6424 +0.9 supported on the back of a firmer close
PBF 0.7984 0.7946 +0.5
P SmallCap 0.8787 0.8733 +0.6
on Wall Street. However, the China
PEF 0.3114 0.3087 +0.9 and Hong Kong markets eased on
PFSF 0.2711 0.2689 +0.8 expectations of more credit tightening
PDSF 0.3028 0.3008 +0.7
PSSF 0.2949 0.2922 +0.9 measures in China following the
PSA30F 0.3379 0.3343 +1.1 mainland’s higher-than-expected
POGF 0.2816 0.2797 +0.7
PBBF 0.8506 0.8447 +0.7 inflation rate of 5.1% for November.
PBGF 0.8477 0.8406 +0.8
Local Islamic Funds
P Ittikal 0.9202 0.9196 +0.1
 Looking ahead, the local market is
PIEF 0.3382 0.3373 +0.3 anticipated to move in tandem with
PIOF 0.3333 0.3311 +0.7
PIBF 0.2810 0.2803 +0.2
overseas markets as investors continue
PIDF 0.3434 0.3443 -0.3 to monitor the outlook for global
PISSF 0.2907 0.2881 +0.9 economic activities.
PISTF 0.3100 0.3065 +1.1
PIOGF 0.2883 0.2855 +1.0
PISEF 0.3412 0.3399 +0.4 STOCKMARKET COMMENTARY
PIA40GF 0.2499 0.2500 -0.04
PBIEF 0.2600 0.2575 +1.0
Foreign Funds Led by buying of selected blue chip
PFES 0.2968 0.3025 -1.9 stocks, the FBM KLCI rose to a 4-week
PRSEC 0.2615 0.2645 -1.1
PGSF 0.2027 0.2004 +1.1
intraday high of 1,523.0 points on Friday.
PFEDF 0.2519 0.2545 -1.0 However, profit-taking caused the index to
PFEBF 0.2257 0.2260 -0.1 pull back and close at 1,507.3 points for
PGBF 0.2146 0.2129 +0.8
PCSF 0.1923 0.1942 -1.0 the week with an increase of 0.4%.
PFEPRF 0.2330 0.2337 -0.3
PSEASF 0.2753** 0.2724 +1.1
PFECTF 0.3162 0.3180 -0.6 The average daily trading volume
PCTF 0.2419 0.2459 -1.6 increased to 1.2 bil units from 1.0 bil units
PFETIF 0.3515 0.3547 -0.9
PNREF 0.2754 0.2739 +0.5
in the previous week while average trading
PAUEF 0.2775 0.2735 +1.5 value rose to RM2.3 bil from RM1.2 bil
PFA30F 0.2708 0.2742 -1.2 over the same preceding period.
PINDOSF 0.2541 0.2534 +0.3
PBAEF 0.2843 0.2893 -1.7
PBADF 0.2764** 0.2738 +0.9 On Wall Street, share prices strengthened
PBEPEF 0.1980 0.1989 -0.5
PBCPEF 0.1781 0.1807 -1.4 following a series of positive economic
PBCAEF 0.3473 0.3567 -2.6 data on higher consumer sentiment, lower
PBCAUEF 0.2724 0.2760 -1.3
PBSGA30EF 0.2801 0.2796 +0.2
jobless claims and a narrower trade deficit.
PBAREIF 0.2475 0.2482 -0.3 Sentiment was also lifted by upward
PBADBF 0.3053 0.3022 +1.0 revisions of 2011 U.S. GDP growth
PBINDOBF 0.2479 0.2480 -0.04
Foreign Islamic Funds forecasts by selected economists. The
PAIF 0.2753 0.2743 +0.4 Dow edged up 0.2% to close at a 5-week
PIADF 0.2343 0.2345 -0.1
PIABF 0.2290 0.2286 +0.2
high of 11,410 points while the broader-
PCIF 0.2089 0.2101 -0.6 based S&P 500 Index rose by 1.3% to a
PIALEF 0.2651 0.2637 +0.5 26-month of 1,240.4 points. The Nasdaq
PBIAEF 0.2262 0.2251 +0.5
PBIASSF 0.1873 0.1863 +0.5 rose by a wider margin of 1.8% to a 3-year
Capital Protected Funds high of 2,638 points over the week on
PCPSPF 1.1135 1.1164 -0.3
PBCPDF 1.0584 1.0608 -0.2 gains in selected tech stocks.
PBCPRF 1.1016 1.1039 -0.2
#
*Buying Price, in USD
**NAV as at 9 Dec 2010
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the Ringgit Bursa Securities 10 year P/E Ratio strengthened by 0.6% in September amidst 10 Dec'10 3 Dec'10 10 yr ave* slower manufacturing and mining sector FBM KLCI 1.5%. previous week.8 exports rose to the highest level in two TOPIX 888 879 +1.0 currencies.79/brl due to Singapore 3. which is below its 10- rising to a 6-month high of 74.4% against the US$ to 30 close at RM3.748 3.813 6.5% Malaysia’s Economic Snapshot on a year-to-date basis to RM326.507.5 appreciation of the Ringgit against major Inflation.28 1.036^ 1.98 - output growth.000 than the 10-year average of 3.410 11. 2 .73 into Malaysia rose by 142% to RM17.17% 12mth Fix Dep.2 13.74 19.661 12.2% in October to US$38.8% 25 19.7 billion as Nasdaq 2. trade Other Markets’ Performance deficit narrowed month-on-month by 10 Dec'10 3 Dec'10 % chng Dow Jones 11.85%.7x continue to monitor the recovery of global 10 economic activities and the normalisation 00 01 02 03 04 05 06 07 08 09 10 of interest rates.500. industrial production growth moderated to 3. the local market is anticipated to continue moving in tandem 15 with overseas markets as investors Average: 16.5 1.000 claims in the 2.2 in year average P/E ratio of 16.4 * Hang Seng China Enterprise Index ^ Index as at 9 Dec 2010 On the domestic front.163 23.133 while on a year-to-date 10 Dec '10 P/E on 2010 & 2011 earnings: P/E Ratio (x) basis.3x respectively against the greenback.719 8. the Ringgit appreciated by 9.97% 3.85% - activities. F= forecast On a weekly basis.2 China may curb its demand for oil.185 3.. the local stock strengthened with the University of market is valued at a P/E of about 16.8% but for the week ended 3rd December exceeds the 12-month fixed deposit rate of compared to 438.35 - billion in the first nine months of 2010 Price/NTA(x) 3.In the U.382 +0.4 expectations that rising interest rates in Thailand 1.3x Michigan consumer confidence index on 2011 earnings.S. % 0.986 1.591 +1. The local December from 71.624 +1. initial jobless claims fell to 421.4 billion 2009 2010F 2011F as at 30th November 2010 due to the GDP growth.6 2. 20 Looking ahead.906 -1.6 in November on the market is also supported by a gross back of stronger holiday sales.7 7.97% 2.6% to close at US$87.7x & 16.S. dividend yield of 3.85% 2.321 -0. % -1.31 16. consumer sentiment As at 10th December 2010.1 PER'11(x) 16.3% in Bursa Securities Market Valuations^ October from 5. *2000-2009 average ^PMB In-House Statistics Malaysia’s foreign reserves fell by 1.7x.0 3. Foreign direct investments PER'10(x) 19.05 to strong demand from emerging China*. Indonesia 3.3 Hong Kong 23.9% in September.696 +1.1 economies.638 2. H share 12. the U.842 -0.1 5.1 South Korea 1.S.0 years to US$158. After registering a decline of 4.39 amidst a recovery in global economic 3mth InterBk 2.89 16.957 +1.172 +0.87 2.841 2.7 Oil prices registered a weekly decline of Taiwan 8.7 billion in October due SH Comp 2. which is lower U.937 -2.034 +0. Meanwhile.89 3. MSCI China 6. % 2.

3 7.6 9. Shanghai Comp 13.7 Korea.746 points Indonesia 14.719 8. economy in the year ahead.04 South Korea 10.84 concerns that higher food and energy Thailand 12.P/E RATIO 26 Average: 15.60 Philippines market.034 +0.1 Source: International Monetary Fund.36 pressures in the year ahead.5 moderated in 4Q2010 due to slower Singapore 3.05 supported on the back of a firmer close MSCI China 6.3 on Wall Street.748 3. Philippines 13.2 4.906 -1. f=consensus forecast brighter growth outlook for the U.24 Singapore 14. Japan and Taiwan registered Japan -1.8 6.986 1.2 -5.3 November.501 +0.02 1.842 -0.2 markets eased on expectations of more Thailand 2. Regional Economies Snapshot GDP Growth (%) 2008 2009 2010f STOCKMARKET COMMENTARY China 9.661 12.00x 5 1988 1992 1996 2000 2004 2008 3 .4 1.17 3.22 4. the China and Hong Kong Singapore 1.176 -1.136 4.8 0. Regional Markets Valuations Prospective Estimated P/E Dividend South-East Asian markets were well (x)^ Yield (%)^ supported with the exception of the Australia 12.22 2.4 -1.0 following the mainland’s higher-than- Taiwan 0.1  Economic activities in the region TOPIX 888 879 +1.7 Taiwan 8.0 South Korea 1.80 2. REGIONAL MARKET WRAP: FORTNIGHTLY WEEK ENDED REGIONAL MARKETS 10 DECEMBER ‘10 COMMENTARY Regional Markets Performance 10 Dec'10 3 Dec'10 % chng WEEKLY HIGHLIGHTS FBM KLCI 1. the Australian market rose China ‘H’ Shares 10.54 prices will cause rising inflationary Hong Kong 12.03 China*.97 2. Hong Kong 23.7 -1.694 +1.0 In North Asia.5 6.12 3.18 by 1.1 4.S.3 13.3 0.63 3.80 23 20 17 14 11 8 10 December '10 = 14.4  Regional markets are anticipated to Philippines 4.813 6.0 continue moving in tandem with Australia 4. H share 12.507 1.0 Indonesia 6.957 +1. markets in South Korea 2.58 3.2 Indonesia 3.97 3.3 3.23 Down under.6 expected inflation rate of 5. In comparison.2 3.746 4.4 MSCI FEXJ# 515 515 +0.47 Source: Bloomberg.321 -0.1% for Hong Kong 2.172 +0.23 amidst gains in selected resource stocks.1  Regional markets were generally well- SH Comp 2.1% to a 1-month high of 4.0 credit tightening measures in China Philippines 3.2 -2.5 -2. Thailand 1.163 23.1 10.185 3.11 3.20 Japan 13. 10 Dec’10 ^ Based on next year estimate PER MSCI AC Far-East Ex-Japan.1 global markets as investors monitor # in USD * Hang Seng China Enterprise Index ^ Index as at 9 Dec 2010 the outlook for global economic activities.696 +1.0 weekly gains of 1-2% on expectations of Australia 2.9 5.624 +1.841 2.036^ 1.9 8.4 domestic and export demand. which eased by 1% on Taiwan 13.937 -2.

7% from 10.8x. Sri Damansara Business Park. may go down as well as up. the valuations of regional markets.4% lower than its 22-year average P/E ratio of 15. PB Indonesia Balanced Fund dated 12th October 2010 and expires on 29th April 2011. Applications to purchase must come in the form of a duly completed application form referred to in and accompanying the prospectus. the Chinese central bank raised the reserve requirement ratio by 50 basis points to 18. if any.com.9% in October on resilient exports of telecommunications and metal products. Bandar Sri Damansara.4% in October due mainly to a rise in food inflation to 11. Prospectus of Public Capital Protected Select Portfolio Fund dated 29th July 2008 and expires on 11th September 2008. Master Prospectus of PB Series of Funds dated 30th April 2010 and expires on 29th April 2011. As imports outpaced exports. You should note that there are fees and charges involved. Box 10045. Meanwhile. is at a P/E of 14. Taiwan’s export growth was sustained at 21.8% from 27. and that the prices of units and distribution payable. Information Memorandum of PBB MTN Fund 1 dated 10th November 2009 and expires on 24th December 2009. Prospectus of PB Capital Protected Dragon Fund dated 24th March 2008 and expires on 7th May 2008. and neither should their registration be interpreted to mean that the Commission recommends the investment. Public Mutual Berhad (23419-A) 4 Block B. Prospectus of PB Singapore Advantage-30 Equity Fund & PB Infrastructure Bond Fund dated 11th May 2010 and expires on 29th April 2011. as proxied by the MSCI Far East ex-Japan Index. the cumulative trade surplus for the first eleven months of 2010 fell by 21. Supplemental Prospectus of Public Islamic Dividend Fund & Public Islamic Balanced Fund dated 1st November 2010 and expires on 29th April 2011. Public Optimal Growth Fund dated 8th June 2010 and expires on 29th April 2011. Master Prospectus of Public Series of Shariah-Based Funds dated 30th April 2010 and expires on 29th April 2011.9% over the same period.0x on 2010 earnings. China’s inflation rate rose to a 2-year high of 5. import growth rose to 33.O. and 2nd Supplemental Prospectus of Public Islamic Equity Fund dated 1st December 2010 and expires on 29th April 2011 before investing. Past performance should not be taken as an indication of future performance.1% over the same period. Public Indonesia Select Fund dated 1st September 2010 and expires on 29th April 2011. which is 11. These prospectus have been registered with the Securities Commission who takes no responsibility for their contents. To contain rising inflationary pressures. P. 52200 Kuala Lumpur.8% in November from 21.1% in November from 4.my . 50700 Kuala Lumpur Tel: 03-62796800 Fax: 603-62779800 Website:http://www.6% to US$21. Persiaran Industri. corporate representative or nearest Public Mutual Office.5% with effect from 20th December 2010. You are advised to read and understand the contents of the Master Prospectus of Public Series of Funds dated 30th April 2010 and expires on 29th April 2011. Supplemental Prospectus of PB Islamic Equity Fund dated 8th October 2010 and expires on 29th April 2011. A copy of the prospectus can be obtained from your attending agent. Information Memorandum of PB Cash Plus Fund and PB Islamic Cash Plus Fund dated 1st March 2010. Malaysia. Public Islamic Alpha-40 Growth Fund & Public Islamic Infrastructure Bond Fund dated 16th November 2010 and expires on 29th April 2011. As at 10th December 2010.publicmutual. Prospectus of PB Capital Protected Resources Fund dated 20th August 2008 and expires on 3rd October 2008.6 bil compared to the same period last year.