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16  theSun | TUESDAY NOVEMBER 25 2008

business news

Hang Seng
970.14 NIKKEI
KL market summary
3,425.1 4,160.54
201.26 11.49 41.81 33.59 NO
8.6 10.56 TRADING
NOVEMBER 24, 2008

FBMEMAS 5,622.06 -76.76

Bank Negara reduces

COMPOSITE 855.39 -11.49
INDUSTRIAL 2,058.18 -45.10
CONSUMER PROD 273.98 -0.10
CONSTRUCTION 151.50 -0.64
FINANCE 6,548.54 -52.40
PROPERTIES 511.06 -9.98

OPR to 3.25%
PLANTATIONS 3,689.03 -38.14
MINING 247.23 +4.06
FBMSHA 5,809.39 -109.83
FBM2BRD 4,253.73 -100.49
TECHNOLOGY 13.20 -0.19

472.5500 mil RM520.715mil
KUALA LUMPUR: Bank Negara prompted authorities to provide 2008, it said.
Malaysia, at its Monetary and significant liquidity support to the Going forward, the lower cost
Policy Committee (MPC) meeting
yesterday, decided to reduce the
financial system, undertake financial
sector resolution measures, as well
pressures and the slowdown in
demand are expected to exert a Prices lower due to
overnight policy rate (OPR) to 3.25%
from 3.5%.
as fiscal stimulus and monetary
easing to support economic growth,
greater dampening influence on
inflation, the central bank said. weakened sentiment
The ceiling and floor rates Bank Negara said. Inflation is, therefore, expected to SHARE prices on Bursa Malaysia ended the day lower as
of the corridor for the OPR are The impact of these measures moderate significantly, particularly sentiment weakened over worries of the real economy,
correspondingly reduced to 3.5% and will, however, take some time to be in the second half of 2009, it said. which seems somewhat affected due to the US financial
3% respectively, the central bank fully realised, it said. Given the heightened downside meltdown.
said in a statement. The adverse global developments risks to growth and the diminishing The benchmark KLCI ended 11.49 points lower to
Since the previous MPC meeting, have already affected the Malaysian inflationary pressures, the reduction 855.39 after opening at 863.32, down 3.56 points yes-
the outlook for global growth has economy, as evidenced by the in the OPR is a pre-emptive terday morning.
deteriorated further, Bank Negara slowdown in export performance measure aimed at providing a Lenon According to a OSK research note, the KLCI will remain
said. and lower equity prices, Bank more accommodative monetary to star immune to the US market as it had been trading relatively
Several major advanced Negara said. environment, Bank Negara said. for flat over the past two weeks.
economies are now in recession While domestic demand remains To further reduce the cost of It noted that in the past three weeks, key indices in
amid severe stress in their respective resilient, there are indications of intermediation, the MPC also decided England the US market swung in excess of 5% in six separate
financial systems, it said. slower private sector activity amid to reduce the statutory reserve pg 31 sessions.
The sharp slowdown in global some softening in the labour market requirement (SRR) from 4% to 3.5%, Technically, immediate resistance for the KLCI was
demand, the significant fall in conditions and a more challenging with effect from Dec 1, 2008. seen at the 883 point level while initial support is situated
commodity prices and the substantial business environment, it said. Going forward, the global at the 838-859 points area, it said.
decline in equity prices have exerted It added that under these economic and the international Losers led gainers by 346 to 157 while 184 counters
greater downward pressure on conditions, sustaining domestic financial conditions are expected were unchanged, 628 untraded and 31 others sus-
the growth prospects of regional demand is key to ensuring that to continue to remain volatile and pended.
economies, the central bank said. growth in 2009 remains positive. uncertain. Trading was moderate with a volume of 472.550 mil-
In this environment, global The risk to domestic price stability Bank Negara said it will monitor lion shares worth RM520.715 million, down from the
inflation has begun to recede and is now substantially reduced, closely the evolving developments 542.058 million shares worth RM649.370 million recorded
this downward trend is expected to according to Bank Negara. and will undertake the appropriate last Friday.
continue, it said. Inflation has begun to moderate policy response to avoid a severe Leading the actives list, Zelan rose 2.5 sen to 77.5 sen,
These global developments have from its peak in the third quarter of economic downturn. – Bernama KNM shed three sen to 54.5 sen and UEM Land erased
5.5 sen to 59 sen.
Of the heavyweights, Sime Darby lost five sen to
RM5.80, MISC was flat at RM8.25 and Public Bank

Berjaya Media’s Q3 pre-tax profit up dropped 15 sen to RM8.35. – Bernama

KUALA LUMPUR: Berjaya Media Berhad (for-

merly known as Nexnews Berhad) reported
million as compared to RM75.32 million and
RM2.82 million pre-tax profit in the preceding
improving its advertisement revenue by way of
increasing its market share and rates.
Media Prima’s 9-month
a consolidated third quarter (ending Sept 30,
2008) revenue of RM15.61 million and pre-
year’s corresponding period.
The decrease in revenue was mainly due
However, the increase in newsprint prices
will have an adverse impact on its publishing
pre-tax profit at RM107m
tax profit of RM37.29 million as compared to to the deconsolidation of The Edge and hence costs. KUALA LUMPUR: Media Prima Bhd has registered a pre-
RM29.13 million revenue and pre-tax profit of only two months results (up to Feb 29, 2008) This, coupled with the current economic tax profit of RM107.066 million for the nine months ended
RM1.79 million in the preceding year’s cor- of The Edge was consolidated in the current environment, will impact its operating results Sept 30, 2008, up from RM101.760 million in the same
responding quarter. financial period. for the remaining period of the financial year. period of the previous financial year.
The decrease in revenue was mainly due The increase in pre-tax profit was mainly due In an announcement to Bursa Malaysia During the same period, the group recorded higher rev-
to the deconsolidation of The Edge with effect to turnaround in profitability of its principal sub- yesterday, the group said its board of directors enue of 16% to RM572.365 million from RM492.344 million,
from March 1, 2008. sidiary, Sun Media Corporation Sdn Bhd arising has approved the change of financial year end reflecting the strong contribution especially from its radio
The increase in pre-tax profit was mainly from improved advertisement revenue coupled of the company from Dec 31 to April 30. networks, outdoor division and newspaper business.
due to the recognition of exceptional gain aris- with lower operating expenses of certain sub- Thus, the next set of financial statements Accordingly, Media Prima’s net profit for the nine-month
ing from the disposal of The Edge which was sidiaries and the recognition of exceptional gain will be made up from Jan 1, 2008 to April 30, period rose to RM81.374 million from RM78.566 million
completed on Aug 26, 2008. arising from the disposal of The Edge. 2009 covering a period of 16 months. recorded in the previous corresponding year.
For the nine months ended Sept 30, 2008, On the current year prospects, the group, Thereafter, the financial year end of the In the third quarter, the group’s pre-tax profit fell to
the group registered a consolidated revenue of which operates in a challenging business envi- company shall end on April 30 for each sub- RM47.168 million from RM58.697 million in the correspond-
RM52.73 million and pre-tax profit of RM42.49 ronment, said it is continuously working towards sequent year. ing quarter in the preceding year. – Bernama