theSun | TUESDAY SEPTEMBER 15 2009  19

business KLCI
STI
1,203.36
2,639.74
4.92
41.29
Nikkei
TSEC
10,202.06
7,256.95
242.27
80.19
Hang Seng 20,932.20 229.22 KOSPI 1,634.91 16.79
SCI 3,026.74 36.95 S&P/ASX200 4,531.10 65.00

KL market summary
SEPTEMBER 14, 2009
INDICES CHANGE
FBMEMAS
FBM-KLCI
8,079.85
1,203.36
-42.92
-4.92
Prices end lower in thin trade
INDUSTRIAL 2,624.59 -15.08 SHARE prices on Bursa Malaysia ended lower Decliners led advancers 511 to 149 while
CONSUMER PRODUCT 362.05 -3.78 on selling pressure following sharp losses 198 counters were unchanged and 395 others
INDUSTRIAL PRODUCT 89.04 -0.79 in regional bourses yesterday and the Wall untraded.
CONSTRUCTION 230.19 -2.21 Street overnight, dealers said. Among actives, KNM Group declined 2.5
TRADING SERVICES 157.30 -0.95
While most blue chips went on a yo-yo sen to 69.5 sen, OilCorp slipped 5.5 sen to
FINANCE 9,827.20 -22.68
PROPERTIES 781.05 -6.03 trend, CIMB Group Holdings saw sustained 31.5 sen, ASIAEP declined one sen to six sen
PLANTATIONS 5,927.06 -27.32 interest throughout the day, a dealer said. and Kumpulan Jetson Warrants rose 5.5 sen
MINING 334.36 UNCH The dealer also said the market will most to 77 sen.
FBMSHA 8,284.16 -46.47 likely move in a tight range ahead of the com- As for the heavyweights, CIMB Group EXCHANGE RATES September 14, 2009
FBMACE 4,008.17 -71.57 ing Hari Raya holidays with investors reluctant Holdings gained 16 sen to RM11.10 while RHB
TECHNOLOGY 16.14 -0.14 to take any aggressive position. Capital and Sime Darby were flat at RM5 and Foreign currency Bank sell Bank buy Bank buy
TURNOVER VALUE
“Volume will also be thin, with the FBM RM8.50 respectivey. TT/OD TT OD
KLCI moving within the range of 1,200 and Tenaga Nasional declined one sen to 1 US DOLLAR 3.5290 3.4640 3.4540
547.72mil RM951.261mil
1,220 this week,” a dealer said. RM8.22. – Bernama
1 AUSTRALIAN DOLLAR 3.0700 2.9360 2.9200
1 BRUNEI DOLLAR 2.4850 2.4240 2.4160
1 CANADIAN DOLLAR 3.2710 3.1910 3.1790

Energy giants to develop

1 EURO 5.1490 5.0250 5.0050
1 NEW ZEALAND DOLLAR 2.5100 2.3990 2.3830
1 PAPUA N GUINEA KINA 1.4420 1.1940 1.1780
1 SINGAPORE DOLLAR 2.4845 2.4240 2.4160
1 STERLING POUND 5.8850 5.7430 5.7230
1 SWISS FRANC 3.4050 3.3200 3.3050

huge Aussie gas field

100 ARAB EMIRATES DIRHAM 97.7900 92.6100 92.4100
100 BANGLADESH TAKA 5.3400 5.2100 5.0100
100 CHINESE RENMINBI N/A N/A N/A
100 DANISH KRONE 71.2300 65.4600 65.2600
100 HONGKONG DOLLAR 46.3400 43.8900 43.6900
100 INDIAN RUPEE 7.5500 6.9400 6.7400
SYDNEY: Energy giants Chevron, lion), including ExxonMobil’s record particularly for the economies in the 100 INDONESIAN RUPIAH 0.0371 0.0314 0.0264
Shell and ExxonMobil yesterday A$50 billion (RM150 billion deal with fast-growing Asia-Pacific region,” Amazing 100 JAPANESE YEN 3.9080 3.8130 3.8030
agreed to develop Australia’s massive PetroChina. ExxonMobil senior executive Neil shot 100 NEW TAIWAN DOLLAR N/A N/A N/A
Gorgon field, giving the final go-ahead “Gorgon will supply cleaner Duffin said. sends 100 NORWEGIAN KRONE 61.2700 56.2400 56.0400
to a liquefied natural gas (LNG) project burning natural gas for the growing Chevron owns a 50% stake in Gorgon
worth hundreds of billions of dollars. Asia-Pacific and Australian markets, and will operate the plant, with Exxon- Federer 100 PAKISTAN RUPEE 4.3700 4.0700 3.8700
Chevron said the joint venture create thousands of jobs, and gener- Mobil and Shell each holding 25%. to final 100 PHILIPPINE PESO 7.4800 7.0100 6.8100
partners would start work imme- ate substantial revenue for Australia,” Chevron said it was set to award 100 QATAR RIYAL 98.4200 93.6200 93.4200
diately on the plant, pumping A$43 senior Chevron executive Jim Black- construction contracts worth more
pg 28 100 SAUDI RIYAL 95.5600 90.9000 90.7000
billion (RM129 billion) into the initial well said. than A$10 billion (RM30 billion) in 100 SOUTH AFRICAN RAND 49.1100 44.9400 44.7400
construction phase. Gorgon, the world’s largest LNG coming months as building work gets 100 SRI LANKA RUPEE 3.1700 2.9200 2.7200
Prime Minister Kevin Rudd said plant, will be built on Barrow Island, a under way.
the project off Australia’s northwest, nature reserve about 70km off Western Rudd predicted immense economic 100 SWEDISH KRONA 52.2300 47.4800 47.2800
which is expected to begin production Australia. The Australian government benefits for Australia, with the project 100 THAI BAHT 11.1500 9.4500 9.0500
Source: Malayan Banking Berhad/Bernama
in 2014, would provide a valuable approved the project last month after set to boost government revenues by
source of jobs and exports. imposing strict environmental condi- A$40 billion (RM120 billion) over the

Obama tries
“The Gorgon investment will be tions. next 30 years, generating 10,000 con-
Australia’s largest-ever resources ExxonMobil said Gorgon had an struction and 3,500 permanent jobs.
development and is expected to estimated 40 trillion cu ft of natural “Gorgon will help to stimulate Aus-

to reinvigorate
generate A$300 billion (RM900 billion) gas, providing an important source of tralia’s economic growth and provide
in export earnings,” he said in a state- energy for Asia’s burgeoning econo- energy security for many decades,” he
ment. mies. said.
The project is already underpinned “With global demand for LNG Macquarie economist Hayden
by supply contracts with China,
Japan, India and South Korea worth
a combined A$145 billion (RM435 bil-
forecast to triple by 2030, the Gor-
gon project will be a critical supply
source in meeting this future demand,
Atkins said the mammoth project had
positive growth implications for the
entire economy. – AFP
Wall Street
reform
S’pore moves to cool down property market NEW YORK: US President Barack Obama, marking
a year since Lehman Brothers collapsed, urged finan-
cial firms yesterday not to fight regulatory reform and
SINGAPORE: Singapore yester- and Interest-Only Housing Loans called on Congress to pass his proposals by the end
day announced measures to curb for residential projects not yet A worker stands in of the year.
speculation in the red-hot property offered for sale after yesterday. front of piling work Obama said while the economy and the financial
market following warnings that “These schemes could encour- at the construction system were showing signs of recovery, he wanted
a new bubble might be forming age property speculation in a site of a condominium
to emphasize that “normalcy cannot lead to compla-
despite an economic slowdown. buoyant market where prices are development in
cency”.
The Ministry of National De- rising rapidly,” the ministry said. “Unfortunately, there are some in the financial
Singapore yesterday.
velopment signalled it was ready Such loans “entirely eliminate industry who are misreading this moment. Instead
Singapore has
to sell more state land for property or substantially lower regular of learning the lessons of Lehman and the crisis from
announced measures
projects and announced an end installment payments for property which we are still recovering, they are choosing to
to curb speculation in
to bank loan schemes that allow purchasers in the first few years ignore them,” Obama said at the historic Federal Hall
the red-hot property in the heart of Wall Street.
buyers to purchase homes with before the properties are com- market.
just a 10 or 20% initial payment. pleted,” the ministry added. “So I want them to hear my words: We will not go
“Demand for uncompleted Only an upfront payment of 10 back to the days of reckless behaviour and unchecked
private housing units has picked to 20% of the bank-assessed value excess at the heart of this crisis”
up strongly since February 2009,” is needed under the schemes for a Obama’s speech also sought to show other coun-
the ministry said in a statement. house or apartment to be sold. tries his administration is serious about tackling
“The 10,017 units sold by de- The removal of the easy weaknesses and excesses in the US financial system
velopers in the first seven months financing schemes “will also en- blamed for setting off the global crisis after Lehman,
a venerable investment bank, filed for bankruptcy on
of 2009 had already exceeded the courage prospective home-buyers
Sept 15, 2008.
4,260 units sold for the whole of to consider carefully their ability
Financial reform will be a key issue at a G20 sum-
2008.” to afford the properties over the mit of leading developed and developing nations in
Singapore’s economic output long term and not rush into any Pittsburgh next week but progress on Obama’s agenda
is forecast to shrink by 4-6% this purchases”. has been slow.
year, but the city-state is now “This will promote a more Obama and other backers of a financial reform say
technically out of recession and healthy and sustainable property new rules are crucial to heading off another catas-
back on a growth path. market in the long run,” the min- trophe. But many of the provisions are bogged down
Analysts said the property istry added. in Congress, possibly delaying reforms until 2010 or
frenzy was largely driven by buy- In addition, some market- resulting in a watered-down package.
ers left out when prices spiralled stabilising measures announced The Treasury Department said on Monday the US
in 2007 and then again last year in January, when the property financial system remains fragile and that withdrawing
when a global banking crisis market was at rock bottom, will stimulus measures must be done carefully to avoid
exploded, but signs of speculation be phased out starting January disrupting a nascent recovery.
including by foreign buyers were next year. Obama said: “While there continues to be a need
emerging. These measures include allow- for government involvement to stabilise the financial
The statement said the Mon- ing developers to seek extensions system, that necessity is waning.”
etary Authority of Singapore will of project completion deadlines Treasury Secretary Timothy Geithner said it was
AFPPIX

no longer allow developers to and rent out unsold units for up vital for Congress to approve a regulatory overhaul by
offer Interest Absorption Scheme to four years. - AFP the end of the year. – Reuters