Friday March 6, 2009.

DAILY MARKET REPORT.

Thursday Markets Closing Prices.


KLCI 869.24 up 2.31.
DJIA 6,594.44 down 281.40 or 4.09%.
Crude Oil US$43.61.
April FCPO RM1,950.
Ringgit 3.7230.


RM10 billion additional fund was tabled in Parliament yesterday through Supplementary Supply (2009) Bill but the total amount for the "mini budget" will be bigger.

Analysis - After the mini budget formulation and then the tabling in Parliament next week on March 10, the speedy implementation of what is intended in the budget is the key to the success of this fiscal stimulus.

Maybank Bhd, RM4.82, SELL, has fixed the proposed 9 for 20 rights issue price at RM2.74 and secured an undertaking where nearly 90% of the rights shares would be taken up by majority institutional shareholder.

Stock Recommendation - Fair value at RM3.70 at 1X net tangible book value on worsening economic outlook.

MISC Bhd, RM8.40, SELL, says downcycle in shipping will linger for the next 2 to 3 years.

Malaysia January 2009 exports likely to continue easing.


WORLD NEWS.

Singapore economy could sink 10 percent this year says Lee Kuan Yew.

China to build up stockpiles of key commodities including oil.

ECB cuts key rate to record low by 0.5% to 1.5% and Bank of England cut its rates by 0.5% to 0.5%.

Wall Street hits 12 years lows on General Motors, Citigroup, General Electric and continued banking woes.


By:-
Kamel Bin Mohd Yusoh.
Kenanga Investment Bank Bhd.
013-6306544 or 03-21634549/50.
March 6, 2009.