theSun | WEDNESDAY JUNE 24 2009 15

1,044.48  1.49
T 9,549.61 T
276.66
business KLCI
STI 2,226.10 T
40.82
Nikkei
TSEC 6,197.47 143.74
T
Hang Seng 17,538.37 521.18
T KOSPI 1,360.54 T
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T

briefs
Philippines rejects World
Asian shares dive on global
Bank recession forecast
MANILA: The Philippines’ Finance Secre-
tary yesterday rejected forecasts by the
World Bank that Manila would fall into a
recession this year.
recovery fears, profit-taking
“We’re focused and I think we can hit TOKYO: Asian stocks tumbled yesterday, Singapore dropped 1.8%.
0.8% (gross domestic product growth),” tracking a slump on Wall Street, as fears re- European markets were also lower, with EXCHANGE RATES June 23, 2009
Margarito Teves told reporters. turned that a global economic recovery may London’s FTSE 100 off 0.23%, Frankfurt’s
“The likely scenario is 0.8% growth,” not be as quick as hoped following a grim DAX 30 down 0.28% and the CAC 40 in Paris
report from the World Bank. 0.83% lower. 1 US DOLLAR 3.5840 3.5190 3.5090
he said, adding that this was already a
conservative projection. Commodity and energy stocks bore the Profit-taking after a rally that lasted more 1 AUSTRALIAN DOLLAR 2.8460 2.7210 2.7050
Reacting to reports that the World brunt of selling as the Bank slashed its fore- than three months also weighed on Asian 1 BRUNEI DOLLAR 2.4600 2.4000 2.3920
Bank had projected a 0.5% contraction cast for developing nations’ economies. shares, particularly in the wake of a sharp 1 CANADIAN DOLLAR 3.1150 3.0390 3.0270
this year, Teves said: “They are probably At the Tokyo Stock Exchange, the head- overnight fall in New York, analysts said. 1 EURO 4.9780 4.8580 4.8380
cautious.” – AFP line Nikkei index ended down 2.82%, while “The declines in share and commodity
1 NEW ZEALAND DOLLAR 2.2800 2.1790 2.1630
Sydney plummeted 3.10% and Hongkong’s markets can simply be put down to good,
Hang Seng Index was 2.89% lower. old-fashioned profit-taking,” said Craig 1 PAPUA N GUINEA KINA 1.4730 1.2040 1.1880
Peugeot warns of heavy Taiwan’s weighted index ended down James, chief economist at CommSec. 1 SINGAPORE DOLLAR 2.4595 2.4000 2.3920
2009 loss 2.27%. China’s Shanghai Composite Index “The rally in commodity prices went too 1 STERLING POUND 5.8680 5.7260 5.7060
PARIS: French auto giant PSA Peugeot lost 0.12% and the Straits Times Index in far, too soon. Fund managers are urgently 1 SWISS FRANC 3.3060 3.2260 3.2110
Citroen warned yesterday it faced an trying to lock in gains.” 100 BANGLADESH TAKA 5.5200 5.2000 5.0000
operating loss of between €1 billion Commodities firms had been
100 DANISH KRONE 68.8700 63.2800 63.0800
and €2 billion (RM4.86 billion and pushed higher by rising crude prices,
RM9.72 billion) this year and was which passed US$73 (RM259) earlier 100 HONGKONG DOLLAR 47.0600 44.5800 44.3800
raising €500 million (RM2.43 billion) this month before falling back and 100 INDIAN RUPEE 7.6600 7.0400 6.8400
cash. below US$67 (RM237.85) yesterday. 100 INDONESIAN RUPIAH 0.0362 0.0310 0.0260
PSA said it expected the loss “given Regional shares plunged after US 100 JAPANESE YEN 3.7660 3.6750 3.6650
the current situation in the market stocks registered Monday their worst 100 NORWEGIAN KRONE 56.2700 51.6600 51.4600
and uncertainties (and) ... prudent single-day loss in two months, sending
100 PAKISTAN RUPEE 4.5500 4.2300 4.0300
management of the finances.” the Dow Jones Industrial Average down
The auto group warned in April that 2.35%, adding to a big sell-off last week. 100 PHILIPPINE PESO 7.6000 7.1300 6.9300
it expected a loss this year but had not Investor jitters were aggravated by 100 SAUDI RIYAL 97.0700 92.3300 92.1300
EPAPIX

provided a figure. the report from the World Bank that esti- 100 SRI LANKA RUPEE 3.2200 2.9600 2.7600
For 2008, the company sustained mated growth among developing econo- 100 SWEDISH KRONA 46.3900 42.1500 41.9500
a net loss of €343 million (RM1.667 A man walks past an electronic board showing the mies at a meagre 1.2%, much lower than 100 THAI BAHT 11.2500 9.5300 9.1300
billion). – AFP Hang Seng Index outside a bank in Hongkong yesterday. the previous two years. – AFP
Source: Malayan Banking Berhad/Bernama