Tuesday 3 March 2009.

DAILY MARKET REPORT>

Monday Markets Closing Prices.


KLCI 876.56 down 14.11.
DJIA 6,763.29 down 299.64 or 4.24%.
Crude Oil US$40.15.
May FCPO RM1,871.
Ringgit 3.7260.


LOCAL NEWS.

Malaysian government is bracing for more difficult times ahead after only 0.1% growth in 4Q2008, firstly by doing whatever it can during the formulation of second economic stimulus package says MITI's Muhyiddin.

Muhibah Engineering Bhd, RM0.75, gets RM109m EPCC contract on top the current RM4.2 billion order book. FY08 net profit down from RM70.2m to RM21.8m on revenue of RM2.1 billion from RM1.4b.

TM Bhd, RM3.52, to invest RM150m for the next 2 to 3 years in R&D to lead in technology.

Total loan approvals in January down 35.6% on an annualised basis to RM16.6b for the fifth consecutive months and the applications by businesses also drop.


WORLD NEWS.

AIG Group posted US$61.7 billion loss for the 4Q 2008, the biggest in U.S. corporate history. For FY2008 total loss at US$99.3 billion. U.S. government commits another US$30 billion for a total commitments of US$162.5 billion so far. According to the news report, the potential loss is US$2 trillion as US$2.7 trillion naked CDS contracts still outstanding in AIG book.

HSBC call for US$18 billion rights issue as its need new capital to withstand the financial crisis and cuts 6,100 job after 70% plunge in net profit last year.

February is the worst month in 12 years for Euro zone manufacturers as recession showed no signs of easing and they slashed jobs.


By:-

Kamel Bin Mohd Yusoh.
Kenanga Investment Bank Bhd.
013-6306544 or 03-21634549/50.
March 3, 2009.