Tuesday March 10, 2009.

DAILY MARKET REPORT.

Friday and Monday Markets Closing Prices.


KLCI 858.22 down 11.02.
DJIA 6,547.05 down 79.89 or 1.21%.
Crude Oil US$47.07.
May FCPO RM1,940.
Ringgit 3.7150.


LOCAL NEWS.

DPM and Finance Miniter Najib Razak to unveil Mini Budget in Parliament today.

Analysis - Hopefully the government will not pursue the policy to enrich the cronies or another "penny wise but pound foolish" policy but instead a policy that enhance the rakyat living standard by making the cost of living cheaper and more affordable.

Malaysia to gets new 70,000 workers from Bangladesh.

Analysis - The Malaysian government should put a stop to this corrupt practice as we definitely can do without the new 70,000 Bangladeshi and the rest of foreign workers now during this economic downturn. The government must enforce a law of hiring locals with better pays instead.

Maybank Bhd, RM4.54, SELL, get the SC approval for the 9 for 20 rights issue at RM2.74.

Federal government PAAB to conclude a deal tommorrow to buy water assets in Johor from the state government and Ranhill Corp Bhd, RM0.82 TRADING BUY, reportedly for RM4 billion inclusive of debts.

The latest FDI of US$1.6 billion or RM5.9 billion to build a stainless steel plant in Tanjung Langsat, Johor will be the largest in ASEAN.


WORLD NEWS.

Warren Buffet says U.S. economy has " fallen off the cliff ".

U.S unemployment rose to 25 year high of 8.1% or 12.5m (or 14.6m) peoples unemployed.

Global financial assets losses hit US$50 trillion according to a study.

World Bank has warned of global contraction in 2009 and said developing countries could face financing gap up to US$700 billion this year as trade income dwindles.

Japan suffered biggest current account deficit on record in January 2009 on plunging exports.

AIG Group which is asking for a bailout for a fourth time told U.S. lawmakers their failure would cripple world's banks, money funds and insurers.


By:-
Kamel Bin Mohd Yusoh.
Kenanga Investment Bank Bhd.
013-6306544 or 03-21634549/50.
March 10, 2009.