Dateline Thursday January 22, 2009.

DAILY MARKET REPORT.

Wednesday Markets Closing Prices.

KLCI 873.41 down 6.96.
DJIA 8,228.10 up 279.01 3.51%.
April FCPO RM1,819.
Ringgit 3.6140.

NEWS.

Bank Negara Malaysia cuts interest rate (OPR) by 75 basis points from 3.25% to 2.5% and reduced the statutory reserve requirement from 3.5% to 2% effective feb. 1, 2009.

Comment - Positive for the economy and the stock market even though the banking sector profitability will be affected slightly but good news for highly leverage companies. Moreover, still plenty of room for BNM to cut the interest rate and the SRR.