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KL market summary
INDICES CHANGE
FBMEMAS 5,716.34 -48.01
COMPOSITE 873.41 -6.96
INDUSTRIAL 2,068.45 -12.75
CONSUMER PROD 284.01 -1.33 KUALA LUMPUR: The Overnight economy, the bank said. market conditions. ing growth and the significantly
INDUSTRIAL PROD 66.75 -0.06 Policy Rate (OPR) was yesterday The international economic and Under these circumstances, the lower commodity prices, inflation
CONSTRUCTION 163.16 -3.22 lowered by 75 basis points to 2.5% financial conditions have deterio- urgent implementation of policy decelerated to 4.4% in December
TRADING/SERVICES 115.97 -0.37 from 3.25% previously. rated much more significantly in the measures will be key towards en- last year.
FINANCE 6,768.05 -107.53
PROPERTIES 533.37 -0.98
Bank Negara Malaysia made recent period. suring the Malaysian economy This deceleration is expected to
PLANTATIONS 4,291.94 -49.66 the decision at the Monetary Policy The major industrial economies continues to experience positive continue with the weaker demand
MINING 249.25 unch Committee meeting yesterday, it are now experiencing a recession growth this year. conditions and lower imported infla-
FBMSHA 5,962.28 -38.89 said in a statement. and this has significantly increased In an environment of moderat- tion, it added. – Bernama
FBM2BRD 3,931.86 -7.66 The ceiling and floor rates of the the risks to global growth.
TECHNOLOGY 12.89 +0.03 corridor for the OPR are correspond- The contraction in global demand
ingly reduced to 2.75% and 2.25%, and trade, combined with the reduc-
TURNOVER
366.251mil
VALUE
RM485.459mil
respectively.
The Statutory Reserve Require-
tion in global commodity prices,
have affected the export earnings
Sarawak Energy, TNB take
Prices lower amid concerns
ment (SRR) is also lowered from
3.5% to 2% effective Feb 1.
of many of the regional economies,
including Malaysia.
over Bakun project
The central bank said the re- These contractionary factors KUALA LUMPUR: Sarawak Energy In a filing to Bursa Malaysia
SHARE prices on Bursa Malaysia closed lower duction in interest rates would be have been exacerbated by the pro- Bhd and Tenaga Nasional Bhd have yesterday, Sarawak Energy said
yesterday amid fears of a prolonged global reflected in lower borrowing costs. tracted turmoil in the international received approval in principle from the construction of the 8x300 MW
financial crisis led by the gloomy situation in “Given that the Malaysian bank- financial markets. the government to take over the generating units at Bakun HEP is
Europe’s banking sector, dealers said. ing system remains fundamentally The sharper deterioration of the operation of Bakun Hydroelectric nearing completion.
The benchmark KLCI ended at 873.41, down sound, the Bank’s efforts will con- global economy is expected to have Project (HEP) in Sarawak. Sarawak Energy said a special
6.96 points or 0.791%. tinue to be directed towards ensur- a greater impact on the Malaysian The companies will take over purpose vehicle would be set up
The dealers said that regional markets were ing access to credit to all sectors of economy. the operation from Sarawak Hidro to take over the operation of the
also lower, mirroring Wall Street’s overnight per- the economy,” it said. The large decline in external Sdn Bhd through a leasing agree- HEP from Sarawak Hidro upon
formance which saw the Dow Jones Industrial With the heightened downside demand has already led to a con- ment and to develop the associated full commissioning of the units
Average fell 4% and the Nasdaq Composite risks to growth, the magnitude of traction in exports and a moderation transmission system, which will through a leasing agreement and
Index down 5.78%. the reductions in the OPR and the in the pace of private investment see the export of 1,600 megawatt other related commercial agree-
One of the dealers said investors, especially SRR are aimed to be pre-emptive in activities. (MW) electricity from Bakun HEP ments for the sale of electricity to
foreign players, were in a holiday mood and are providing a more supportive mon- In addition, it said, these devel- to Peninsular Malaysia and the Peninsular Malaysia and Sarawak.
expected to go for a long break. – Bernama etary environment for the domestic opments have also affected labour remaining power to Sarawak. – Bernama
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