Tuesday 17 February 2009.

DAILY MARKET REPORT.

Monday Markets Closing Prices.


KLCI 907.19 down 2.65.
DJIA 7,850.41 closed on Monday.
Crude Oil US$37.28.
May FCPO RM1,922.
Ringgit 3.6150.


LOCAL NEWS.

A new RM8 billion oil and gas and maritime park in Pekan, Pahang to be develop by Tanjong Agas Supply Base & Marine Services Sdn Bhd is expected to provide 30,000 new jobs for the next 10 years.

According to the minister, the federal government still had 20,000 job vacancies.

Some 1.35 million small and medium industries (SMIs) in the corevenues untry will face an operational crisis or may even have to close shop due to dwindling if the government does not increase domestic consumption in the next six months.

Fitch Ratings expects Malaysia sovereign ratings to be downgraded in the next 12 to 18 months, following the government intention to table its second and expectedly larger stimulus package.


WORLD NEWS.

According to Bloomberg news report, Japan economy to shrink 20% in 1Q 2009 after shrinking 12.7% on an annualized basis in the 4Q 2008.

Analysis - According to latest export numbers as of Dec. 2008, Malaysia exports to Japan still up due to new LNG shipment as compared to exports to the U.S., EU, China and the rest of the world even though exports drop by an alarming 14.9%.

U.S. President Obama is expected to sign the US$787 fiscal stimulus package today and rejects the "car czar".

By:-
Kamel Bin Mohd Yusoh.
Kenanga Investment Bank Bhd.
013-6306544 or 03-21634549/50.


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