16 theSun | WEDNESDAY FEBRUARY 4 2009

business Hang Seng

12,776.89
S&P/ASX200 TSEC KLCI STI KOSPI Nikkei
7,825.51
3.508 4,372.81 879.67 1,711.92 1,163.20
84.60 11.30 112.83 4.78 6.63 16.25 48.47

market summary
RM10bil likely for second stimulus package INDICES
FEBRUARY 3, 2009

CHANGE
FBMEMAS 5,758.16 -35.83
KUALA LUMPUR: The much-an- to further cushion the Malaysian growth and eventually cushion the on speedy implementation of the COMPOSITE 2,076.11 -4.78
ticipated second stimulus package economy from deepening global impact,” it said. projects and disbursements of pay- INDUSTRIAL 2,077.05 -22.28
is expected to be about RM10 billion credit crisis. It said public expenditure was ment to relevant economic parties. CONSUMER PROD 284.89 +0.06
on account of further savings from “Assuming the multiplier effect projected to expand by 9.4% this It said another plus for Malaysia INDUSTRIAL PROD 65.90 -0.48
the fuel subsidy – RM3 billion more of the November fiscal stimulus year, up from an estimated 6.1% was the fact that its overall financial CONSTRUCTION 165.91 +0.72
than the first package announced starts to kick in during the second last year, which meant a contribu- sector’s ability to remain relatively TRADING/SERVICES 115.35 -1.67
on Nov 4 last year. quarter of 2009 and the next stimu- tion of 2.3 percentage points to the unscathed following the US sub- FINANCE 6,932.18 +20.05
Kenanga Research, in its report, lus package in April would start country’s overall gross domestic prime debt crisis. PROPERTIES 528.00 -6.06
PLANTATIONS 4,449.48 -0.57
“Economic Outlook 2009”, released to have an impact in the fourth product growth. “This may lessen the overall MINING 249.25 UNCH
yesterday, said any increase in de- quarter 2009, we believe it would Kenaga said the impact of the adverse impact on the economy,” it FBMSHA 5,972.07 -53.38
velopment spending was expected help support domestic demand packages, however, was premised said. – Bernama FBM2BRD 3,907.90 -30.72
TECHNOLOGY 13.24 +0.11
TURNOVER VALUE

No job cuts at M’sia’s 301.26mil

Share prices
close lower
RM506.259mil

second largest bank SHARE prices on Bursa Malaysia closed

KUALA LUMPUR: Bumiputra-
Commerce Holdings Bhd group
chief executive Datuk Seri Nazir
Razak has given an assurance that
there would be no job cuts at the
country’s second largest bank.
“We are not looking at job
cuts. It is not in our culture of
doing business. In this environ-
ment (slow economy), we want
to keep our people. We are look-
ing at optimising our operations
in many other ways,” he told
reporters after the company’s
meeting with stakeholders.
“However, we asked certain
staff to take a salary cut. It was
voluntary but somehow or rather,
they are all agreed to do so,” he
highlighted.
He said the cut was about 10-
20% in the equity section of the
bank’s business which includes
CIMB-GK Pte Ltd, a wholly-owned
subsidiary.
Asked if the group chief
executive would consider a sal-
ary cut, Nazir said that it would
be announced at the same time
as the results. “Don't steal the
thunder,” he said in jest.
Asked as to whether the re-
cent rates cut would affect the
bank’s margin, he said that the
new deposit rates might partly
cover the impact.
On non-performing loans
(NPLs), he said it was very much
under control as Malaysian
borrowers seem fairly resilient.
However, he said the bank had
built in a forecast of higher NPLs
for this year. “We are fully antici-
pating some deterioration in asset
quality. But we have not seen that
even until the end of last year.”
Nazir also expects a single
digit loan growth or 7% this year.
“Last year our loan book grew
in the mid-teen, slightly higher
than what we had predicted in
the beginning of the year. But this
year, we predicting a much lower
growth rate,” he explained.
The bank currently has about
a RM30 billion corporate loan
exposure.
On the size of the upcoming
stimulus package, Nazir said :
“We spend too much time talk-
ing about the second stimulus
cheque. We are missing the point
if we just concentrate on writing
a bigger cheque.
“I don’t have an estimation.
This is because I don’t think it is
terribly important. It is up to the
government to do the maths,” he
said. – Bernama
lower yesterday on selling pressure
with investors still concerned over the
uncertainties in the global economy,
dealers said.
The benchmark KLCI closed 4.78
points lower at 879.67 led by losses on
selected heavyweight such as Tenaga
and Sime Darby. Tenaga declined 20
sen to RM5.70 and Sime Darby slipped
10 sen to RM5.40.
“Investors are still not confident
over the market. They are hoping for a
fresh and strong catalyst on expecta-
tions to lift the market sentiment,” a
dealer said, adding that concerns still
persisted as the continuous donwtrend
in global oil prices had dampened senti-
ment among investors.
The KLCI is likely to be trading
between the 870-890 levels today,
with investors continuing to look at
Wall Street’s performance and the US
economic data.
He said the index is likely to trade
range-bound this week, taking the cue
from external developments and fourth
quarter corporate financial results.
– Bernama

briefs
Public Mutual
declares distributions
KUALA LUMPUR: Public Bank’
wholly-owned subsidiary, Public
Mutual, has declared gross
distributions for four of its funds
for the financial year ended Jan 31,
2009.
It declared a gross contribution
of 5 sen for its Public Index Fund, 0.3
sen for the Public Islamic Optimal
Growth Fund, 2 sen for the Public
Enhanced Bond Fund and 3 sen for
Public Money Market Fund.
In a statement yesterday,
Public Mutual chairman Tan Sri
Teh Hong Piow said the company
was pleased to be able to declare
distributions despite challenging
market conditions.
Public Mutual managed 67
funds with over two million
accountholders.
As at Dec 31 last year, total net
asset value of the funds it managed
was RM23.3 billion. – Bernama
M’sia third in SMS
traffic in Asia Pacific
KUALA LUMPUR: Malaysia was
ranked third in the Asia Pacific, in
respect of the short messaging
service (SMS) traffic processed
during Christmas and New Year,
with over one billion messages.
Acision, the world’s leading
messaging company, said Ma-
laysia was placed third behind
the leader, the Philippines, with
2.36 billion and Indonesia, 1.193
billion. Malaysia recorded 1.075
billion messages, Acision said in
a statement yesterday.
The company said with a
93% mobile penetration rate,
the Malaysian mobile market is
fast reaching saturation point
and for the first time, broke the
one billion mark for messaging
traffic over a two-day period.
“This was a 13% increase in
messaging growth compared
to the same period last year,” it
added.
Acision reported a 40%
increase in messaging traffic
during Christmas and New Year
across the Asia Pacific with a
total of 6.37 billion messages.
– Bernama