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theSun | MONDAY NOVEMBER 10 2008 19

business news KL market summary

Brazil’s Lula calls
NOVEMBER 7, 2008

FBMEMAS 5880.83
for shake-up of
global finance
Share prices likely to INDUSTRIAL PROD
SAO PAULO: Brazil’s presi-
dent called on Saturday for
an overhaul of the global
finance system which “col-
lapsed like a house of cards”
forged a joint position that
called for reform of institu-
tions like the International
Monetary Fund to reflect
the growing importance of

be higher this week

MINING 247.23 -12.15 in the credit crisis and said developing economies.
FBMSHA 6090.07 +9.00
emerging powers must have The G2O group, which
FBM2BRD 4400.20 +36.48
TECHNOLOGY 14.30 -0.12 more say in key decisions. includes emerging and ad-
Luiz Inacio Lula Lula, vanced economies, should
TURNOVER VALUE addressing finance officials take over from the rich-coun-
SHARE prices on Bursa Malaysia The package which aimed to 742.997mil RM1.111bil and central bank chiefs from try G7 grouping as the main
are likely to be higher this week with reinforce the economy, spurred around the world, slammed forum for discussing global
bargain hunting emerging as the market confidence that day, thus the “dogmatic faith in non-in- finance, Brazil said.
market is considered oversold following sending the KLCI well above the tervention in markets” that has The South American
the recent sell-off, dealers said. 900-point level. been espoused by the United economic powerhouse holds
They said the local market has However, the KLCI ended the to 5,874.39, the FBM30 advanced 148.09 States and other countries. the presidency of the G20
plenty of quality underpriced stocks week just below 900-point level as points to 5,791.00, FBM2BRD went up “We need new, more this year.
which were up for grabs. a result of Wall Street’s two straight 126.79 points to 4,370.67 and the FBM- inclusive governance and “We refuse to take part
“We expect the market days of heavy losses, which MDQ added 161.51 points to 3,467.21. Brazil is ready to face up to in the G7 merely to drink
to be higher next week caused jitters among Total volume for the week increased its responsibilities,” the burly coffee and we have to have
if Friday’s rebound is to There is a investors. to 4.456 billion shares worth RM5.504 former union leader said. “It a more important role in dis-
be sustained,” one of the dire need Wall Street’s fall from billion from 3.285 billion shares worth is time for a pact between cussions,” Brazilian Finance
dealers said. for the richest Wednesday was the worst RM5.430 billion the previous Friday. governments to build a new Minister Guido Mantega said
He said investors since late 1987, fuelling fears The Main Board volume was financial architecture for the on Friday.
should start to realise economy in of a deepening recession. higher at 3.839 billion shares valued at world.” Lula has long criticised
that the liquidity from the the world to According to the dealers, RM5.398 billion compared with 2.914 Finance ministers and the dominance of the US and
financial stimulus package fix its financial the world is hoping that billion shares worth RM5.371 billion central bank governors met in other developed economies
and lower fuel prices will system as it Barack Obama, who won previously. Brazil’s economic hub of Sao in the way decisions on global
eventually surface and the US presidential race on Volume on the Second Board rose
help to stabilise economic holds some 28% Wednesday, will quickly to 280.185 million shares valued at
Paulo to grapple with ways finance are taken.
activities. of the world’s to tackle the global financial Among officials attending
stamp his mark and get the RM68.857 million from 123.188 million crisis on Saturday. the meetings in Sao Paulo
However, trading is gross domestic US$700 billion (RM2.45 shares worth RM36.141 million the Canadian Finance Min- were central bank chiefs
expected be cautious as the trillion) bailout programme
market is still affected by
product.” going.
previous Friday. ister Jim Flaherty expected such as Ben Bernanke of
On the Mesdaq Market, volume central bankers to continue the US Federal Reserve and
the gloomy global financial “There is a dire need went up to 236.010 million shares
outlook, thus limiting huge fresh for the richest economy in the world discussions about joint action Jean-Claude Trichet of the
worth RM33.333 million from 134.702
positions, he added. to fix its financial system as it holds to lower interest rates further European Central Bank.
million units worth RM18.823 million
On the upside, the benchmark some 28% of the world’s gross domestic previously. and counter the blow to Canada’s Flaherty played
KLCI is expected to trade between the product,” one of the dealers said. However, call warrants declined growth from the credit crisis. down the need for a major
900- and 930-point level this week. On a Friday-to-Friday basis, the to 101.650 million shares valued at “I expect that these dis- shake-up of the way global
Interest is likely to be seen on KLCI was higher by 30.34 points at RM3.492 million from 103.207 million cussions will lead to some finance is managed.
plantation, property and construction 893.95. shares worth RM3.200 million the degree of coordinated ac- “Now is the time to be
stocks on expectations of improved The Industrial Index rose 31.87 previous Friday. tion,” Flaherty told reporters putting out the fire, not to
corporate earnings. points to 2,117.51, the Finance Index Direct business deals dropped as the discussions got under be planning for grand new
The government last Tuesday increased 255.05 points to 6,873.61 and to 137.312 million shares valued at way on Saturday. schemes,” he said. “We’re
announced the RM7 billion stimulus the Plantation Index jumped 253.88 RM130.225 million from 139.494 On Friday, the “BRIC” na- in the midst of a crisis and
package, whereby these sectors were points to 3,810.83. million units worth RM90.399 million tions of Brazil, Russia, India certain things need to be
among the main beneficiaries. The FBMEmas gained 223.20 points previously. – Bernama and China for the first time done now.” – Reuters