theSun | MONDAY AUGUST 17 2009 15

business

KL market summary
AUGUST 14, 2009
INDICES CHANGE Share prices expected to go up
FBMEMAS 8061.26 8.75
FBMKLCI 1188.57 2.38 SHARE prices on Bursa Malaysia are set to The FBMKLCI momentum remained strong
INDUSTRIAL 2609.05 11.79 move higher this week on increased participa- and should be able to resume the uptrend
CONSUMER 356.88 1.55 tion by foreign and local investors who are which started since March this year, said
IND-PROD 92.30 -0.31 becoming more positive about the global MIMB Investment Bank’s technical analyst
CONSTRUCTION 230.23 +0.47 economic recovery, dealers said. Mohd Nazri Khan.
TRADING/SERVICES 156.51 -0.07
According to them, the local bourse will “We strongly believe the bulls have the
FINANCE 9650.19 -27.78
PROPERTIES 804.04 -5.18 continue to extend the uptrend in line with power to bring the index to 1,200 points but
PLANTATION 6066.96 123.70 other markets across the region as sentiment need a rest,” he said.
MINING 346.52 0.00 is strong after the US Federal Reserve reported Mohd Nazri said that investors should be
FBMSHA 8352.96 27.00 that the recession was stabilising. cautious on the potential correction due to EXCHANGE RATES August 14, 2009
FBMACE 4306.47 -11.23 The much-awaited two-day monetary the short-term overbought situation in the
TECHNOLOGY 17.13 0.04 policy meeting of the US Federal Open Mar- major indices. Foreign currency Bank sell Bank buy Bank buy
TURNOVER VALUE
ket Committee which ended on Thursday “Any correction can bring the market back TT/OD TT OD
concluded that the recession was easing and to anywhere between 1,100 and 1,160 points,” 1 US Dollar 3.5480 3.4830 3.4730
1.050bil RM1.556bil
pledged to keep interest rates low. he said. – Bernama 1 Australian Dollar 3.0430 2.9100 2.8940
1 Brunei Dollar 2.4680 2.4080 2.4000
1 Canadian Dollar 3.2760 3.1960 3.1840
1 Euro 5.0850 4.9620 4.9420

Britain may tighten laws on 1 New Zealand Dollar

1 Papua N Guinea Kina
1 Singapore Dollar
1 Sterling Pound
1 Swiss Franc
2.4500
1.4560
2.4675
5.9050
3.3260
2.3410
1.2190
2.4080
5.7620
3.2450
2.3250
1.2030
2.4000
5.7420
3.2300

bankers’ pay: Darling

100 Arab Emirates Dirham 98.3200 93.1100 92.9100
100 Bangladesh Taka 5.3400 5.2100 5.0100
Streisand 100 Danish Krone 70.3600 64.6200 64.4200
returns 100 Hongkong Dollar 46.5900 44.1300 43.9300
to NY 100 Indian Rupee 7.6700 7.0400 6.8400
LONDON: The British government is Britain was forced to nationalise North America. Jazz club 100 Indonesian Rupiah 0.0370 0.0314 0.0264
prepared to tighten the laws on bank- lenders Northern Rock and Bradford Darling, keen to address public pg 17 100 Japanese Yen 3.7280 3.6370 3.6270
ers’ pay and bonuses if companies & Bingley and take large stakes in the anger over high pay during the worst 100 Norwegian Krone 60.7100 55.6900 55.4900
continue to reward excessive risk-tak- Royal Bank of Scotland and Lloyds recession for generations, said banks 100 Pakistan Rupee 4.4200 4.1200 3.9200
ing, finance minister Alistair Darling after they were hit by the global eco- must not be allowed to repeat past 100 Philippine Peso 7.5600 7.1100 6.9100
told the Sunday Times newspaper. nomic and financial crisis. risky behaviour.
100 Qatar Riyal 98.9700 94.1400 93.9400
Darling said in an interview on the Prime Minister Gordon Brown, “I am quite clear that some of
paper’s website that he understood trailing in the polls with an election the problems we have today were 100 Saudi Riyal 96.080 91.400 91.200
public concern over high salaries at less than a year away, has overseen caused by the fact that some traders 100 South Africa Rand 46.1300 42.2200 42.0200
banks, many of which sought govern- unprecedented measures to help the were incentivised to take risks which 100 Sri Lanka Rupee 3.2100 2.9500 2.7500
ment support during the credit crisis. financial system, putting an estimated neither they nor their bosses fully un- 100 Swedish Krona 51.5400 46.7800 46.5800
“If we need to change the law and £1.3 trillion (RM7.8 trillion) of tax- derstood,” he told the Sunday Times. 100 Thai Baht 11.1800 9.4800 9.0800
toughen things up, we can do that,” he payers’ money at risk. – Reuters
Source: Malayan Banking Berhad
was quoted as saying. Britain’s Financial Services Au-
“The public is rightly concerned thority issued new guidelines about
because the taxpayer has had to stand bank pay earlier this week, banning
behind a number of these banks, and
the whole banking system, in effect.
guaranteed bonuses of more than one
year and suggesting pay be structured
‘Japan’s big firms to recover by mid-2010’
So people want to make sure we don’t to deter short-term risk taking. TOKYO: Two thirds of big Japanese was already recovering, 15 expected ments. The survey followed a report
get ourselves into this situation again,” But some politicians and voters companies expect the country’s the turn to come in the second half by the Bank of Japan in mid-July
he said. are worried the measures don’t go economy to recover by the middle of 2009 and the 44 others in the first that said the economy should start
He gave no details about the possi- far enough and banks are returning of next year, according to a survey by half of 2010. recovering from the second half of
ble new laws or the appropriate level to “business as usual”, with huge Kyodo News released yesterday. Kyodo attributed the optimistic this year.
or type of pay schemes offered to the rewards for top-performing staff. Of 108 firms polled, 71 expected outlook to improved business results However, annual GDP was ex-
highest performers in the financial Similar concerns have been a recovery by the middle of 2010. sparked by cost-cutting, rebounds pected to shrink 3.4% in the financial
sector. expressed across Europe, Asia and Twelve of them said the economy in production and inventory adjust- year to March 2010. – AFP