SOURCE: THE STAR ONLINE
WASHINGTON: Now that the worst of the economic crisis is past and recovery is slowly under way, Congress must halt the mounting increase in U.S. debt to avoid damage to long-term growth and destruction of the dollar, Warren Buffett is urging.
The plainspoken billionaire weighed in with his view in an Op-Ed piece published in The New York Times Wednesday, saying that once recovery is solidified, lawmakers need to exercise "extraordinary political will" and slow the printing of money to finance the spike in debt.
That huge spending for financial bailout and economic stimulus was sorely needed to rescue the economy in its greatest peril since the 1930s, Buffett said, but now "unchecked emissions" of dollars "will certainly cause the purchasing power of currency to melt" the way runaway carbon emissions will likely melt icebergs.
With government spending now nearly double what it is taking in, "truly major changes in both taxes and outlays will be required," Buffett wrote.
"A revived economy can't come close to bridging that sort of gap."
Buffett, one of the world's wealthiest men, enjoys opining on issues of the day.
And as the "Oracle of Omaha" and head of a successful investment firm, his views carry weight in the public arena.
He has gained a sharper political profile in recent years and has spoken out, for example, on the obligation of the privileged to help the poor.
Buffett was a top economic adviser to Republican Arnold Schwarzenegger's first campaign for California governor and advised Democrat John Kerry's presidential campaign in 2004.
Last September at the height of the financial turmoil, Buffett's firm, Berkshire Hathway Inc., rushed in with a $5 billion in investment in Wall Street powerhouse Goldman Sachs Group Inc., a move viewed as a vote of confidence for a survivor of a crisis that felled two of its investment banking peers.
The economy "is now out of the emergency room and appears to be on a slow path to recovery," Buffett wrote in the Op-Ed.
"But enormous dosages of monetary medicine continue to be administered and, before long, we will need to deal with their side effects. For now, most of those effects are invisible and could indeed remain latent for a long time. Still, their threat may be as ominous as that posed by the financial crisis itself."
Because of the deficit, the amount of U.S. debt that is publicly held likely will rise to around 56 percent of Gross Domestic Product this fiscal year ending Oct. 1, from 41 percent last year, Buffett noted.
The three ways of financing the rising debt - borrowing from other countries, borrowing from Americans or printing money - all carry problems, he said.
"The United States is spewing a potentially damaging substance into our economy - greenback emissions," Buffett wrote. - AP
Thursday, August 20, 2009
Malaysian SMEs See Business Recovery In 2010
SOURCE: BERNAMA.COM
KUALA LUMPUR, Aug 19 (Bernama) -- Small and medium enterprises (SMEs) in Malaysia are optimistic that the current sluggish global economy will recover by this year or in 2010, according to the UPS Asia Business Monitor (UPS ABM) 2009.
In a statement on Wednesday, UPS said Malaysian SMEs, along with those surveyed in India, Taiwan, China and Singapore were the most optimistic toward recovery next year.
"Business prospects for 2009 have taken a sharp downturn. SME leaders in Malaysia are looking to offer more value added products and services, diversify their business and explore new revenue streams," said UPS Malaysia marketing manager Tee Wee Ping.
Tee said, of the 100 companies surveyed across Malaysia, 69 percent expected economic growth for the Asia Pacific to decline this year compared to only eight percent in 2008.
Furthermore, only 21 percent of SMEs in Malaysia predicted better business growth prospects for their companies this year, compared to 73 percent in 2008, he explained.
The ABM 2009 also revealed that despite the impact of the slowdown on their business, SMEs in Malaysia are still showing pockets of confidence by remaining stable with 40 percent of them expecting business prospects to remain the same.
"Most felt that tightening cash management via strict credit control and collection plans, exploring new revenue lines and reducing other cost such as rent, utilities and miscellaneous items is the way to sustain business and counter the effects of a global economic recession," he said.
Tee added SME leaders are not looking to downsize their staff count despite the current economic conditions as retaining talent and providing adequate training and support to employees is a key factor to growing a qualified workforce and staying competitive.
About 61 percent of Malaysian SMEs also intend to retain their current workforce with another 24 percent planning new recruitment.
He said the lack of a qualified workforce has been rated as one the biggest threats to the competitiveness and future growth of SMEs in Malaysia.
Overall in Asia, SMEs in the region saw major obstacles to competitiveness in the form of lack of government support, access to funding and working capital, innovation and the availability of a qualified workforce.
KUALA LUMPUR, Aug 19 (Bernama) -- Small and medium enterprises (SMEs) in Malaysia are optimistic that the current sluggish global economy will recover by this year or in 2010, according to the UPS Asia Business Monitor (UPS ABM) 2009.
In a statement on Wednesday, UPS said Malaysian SMEs, along with those surveyed in India, Taiwan, China and Singapore were the most optimistic toward recovery next year.
"Business prospects for 2009 have taken a sharp downturn. SME leaders in Malaysia are looking to offer more value added products and services, diversify their business and explore new revenue streams," said UPS Malaysia marketing manager Tee Wee Ping.
Tee said, of the 100 companies surveyed across Malaysia, 69 percent expected economic growth for the Asia Pacific to decline this year compared to only eight percent in 2008.
Furthermore, only 21 percent of SMEs in Malaysia predicted better business growth prospects for their companies this year, compared to 73 percent in 2008, he explained.
The ABM 2009 also revealed that despite the impact of the slowdown on their business, SMEs in Malaysia are still showing pockets of confidence by remaining stable with 40 percent of them expecting business prospects to remain the same.
"Most felt that tightening cash management via strict credit control and collection plans, exploring new revenue lines and reducing other cost such as rent, utilities and miscellaneous items is the way to sustain business and counter the effects of a global economic recession," he said.
Tee added SME leaders are not looking to downsize their staff count despite the current economic conditions as retaining talent and providing adequate training and support to employees is a key factor to growing a qualified workforce and staying competitive.
About 61 percent of Malaysian SMEs also intend to retain their current workforce with another 24 percent planning new recruitment.
He said the lack of a qualified workforce has been rated as one the biggest threats to the competitiveness and future growth of SMEs in Malaysia.
Overall in Asia, SMEs in the region saw major obstacles to competitiveness in the form of lack of government support, access to funding and working capital, innovation and the availability of a qualified workforce.
Wednesday, August 19, 2009
Second China company debuts on Malaysian bourse
Source: THE STAR ONLINE
KUALA LUMPUR: China-based shoe sole maker Multi Sports Holdings Ltd. began trading Wednesday on Malaysia's stock exchange, becoming the second foreign company to list here.
It was a shot in the arm for the Malaysian bourse, which recently simplified and sped up procedures to attract more foreign listings and give its market more depth amid the global credit crunch.
Multi Sports hit a high of 0.89 ringgit (25 cents) shortly after debuting on the main board of Bursa Malaysia, up from its initial public offering price of 0.85 ringgit (24 cents).
However, it slid to 0.815 ringgit (23 cents) at noon in an overall sluggish market.
Chris Eng, analyst with OSK Securities, said investors are expected to be cautious with the two foreign stocks as the companies are fairly small and in the competitive area of shoe manufacturing.
Stock of China's sportswear company Xingquan International Sports Holdings Ltd, which began trading July 10, was at 1.43 ringgit (40.4 cents) at noon Wednesday, down 16 percent from its IPO price of 1.71 ringgit (48 cents).
"The appetite for good quality foreign IPO is huge but people tend to be cautious of generally small foreign companies," Eng said.
Authorities waived listing fees and gave fast-tracked approvals to Xingquan and Multi Sports under its efforts to get more foreign participation.
Multi Sports Chief Executive Lin Hou Zhi said the company chose to be listed in Malaysia because it was less affected by the global financial crisis compared to other nations.
The company has said it expected to raise 58 million ringgit ($16 million) from its share sale and would use part of the proceeds to build a second factory in China to triple its production capacity to 74.6 million pairs of soles a year.
Based in the southeastern city of Jinjiang in the Fujian province, Multi Sports posted a net profit of 46.8 million ringgit ($13 million) last year. - AP
KUALA LUMPUR: China-based shoe sole maker Multi Sports Holdings Ltd. began trading Wednesday on Malaysia's stock exchange, becoming the second foreign company to list here.
It was a shot in the arm for the Malaysian bourse, which recently simplified and sped up procedures to attract more foreign listings and give its market more depth amid the global credit crunch.
Multi Sports hit a high of 0.89 ringgit (25 cents) shortly after debuting on the main board of Bursa Malaysia, up from its initial public offering price of 0.85 ringgit (24 cents).
However, it slid to 0.815 ringgit (23 cents) at noon in an overall sluggish market.
Chris Eng, analyst with OSK Securities, said investors are expected to be cautious with the two foreign stocks as the companies are fairly small and in the competitive area of shoe manufacturing.
Stock of China's sportswear company Xingquan International Sports Holdings Ltd, which began trading July 10, was at 1.43 ringgit (40.4 cents) at noon Wednesday, down 16 percent from its IPO price of 1.71 ringgit (48 cents).
"The appetite for good quality foreign IPO is huge but people tend to be cautious of generally small foreign companies," Eng said.
Authorities waived listing fees and gave fast-tracked approvals to Xingquan and Multi Sports under its efforts to get more foreign participation.
Multi Sports Chief Executive Lin Hou Zhi said the company chose to be listed in Malaysia because it was less affected by the global financial crisis compared to other nations.
The company has said it expected to raise 58 million ringgit ($16 million) from its share sale and would use part of the proceeds to build a second factory in China to triple its production capacity to 74.6 million pairs of soles a year.
Based in the southeastern city of Jinjiang in the Fujian province, Multi Sports posted a net profit of 46.8 million ringgit ($13 million) last year. - AP
Tuesday, August 18, 2009
Talk on Buffett’s investment principles
Source: THE STAR ONLINE
KUALA LUMPUR: Warren Buffett may have reported some huge losses in the investments he made through Berkshire Hathaway Inc over the last couple of months, but the recent quarterly results only show that a longer-term view is necessary to evaluate his investment returns, says Robert P. Miles.
“As in most of the mistakes he made in the past, Buffett would probably say ‘a little more time please’,” Miles, an author, professional speaker and Warren Buffett expert, told StarBiz in an email.
Buffett, whose investment strategies and techniques are still regarded by most as the best and most successful ever, was not spared from the recent global financial crisis.
Weighed down by losses from investments and derivative bets, his investment arm Berkshire Hathaway posted a net loss of US$1.53bil (RM5.43bil) – its worst loss in at least two decades – for the quarter to March 31, compared with a profit of US$940mil in the same period a year ago.
But the company returned to the black with a second-quarter profit of US$3.29bil on improved stock markets and credit derivative gains.
“The global financial crisis presented Buffett some unbelievable opportunities to invest in preferred stocks such as Goldman Sachs, General Electric Company and Swiss Re,” Miles said, adding that railroads and banks were some of Buffett’s favourite plays currently.
For instance, Buffett in May increased his stakes in Wells Fargo & Co and US Bancorp by about 4.3% and 2.2%, respectively, when both counters were trading at their lowest prices in more than a decade.
“Buffett understands banks,” Miles said, “and he obviously believes in the long-term health of the banks, and he thinks their managers are rational, candid and doing the right thing for their shareholders.”
According to Miles, Buffett is an excellent example of corporate governance and should be studied around the world.
“He has greatly influenced many corporations – particularly those in which he holds stakes – such as in the way they expense their stock options, change their accounting procedures and make transparent their executive perks in their annual reports,” Miles said, adding that Buffett had resigned from some boards that had not followed his advice.
Miles will be in Kuala Lumpur to conduct a one-day seminar on Buffett’s principles of investment on Thursday at Istana Hotel.
Organised by the Malaysian Alliance of Corporate Directors, the seminar will feature Miles speaking on Warren Buffett Corporate Governance: Building a World Class Board of Directors and Astute Investing in Turbulent Times: Why Warren Buffett Prefers Declining Markets.
KUALA LUMPUR: Warren Buffett may have reported some huge losses in the investments he made through Berkshire Hathaway Inc over the last couple of months, but the recent quarterly results only show that a longer-term view is necessary to evaluate his investment returns, says Robert P. Miles.
“As in most of the mistakes he made in the past, Buffett would probably say ‘a little more time please’,” Miles, an author, professional speaker and Warren Buffett expert, told StarBiz in an email.
Buffett, whose investment strategies and techniques are still regarded by most as the best and most successful ever, was not spared from the recent global financial crisis.
Weighed down by losses from investments and derivative bets, his investment arm Berkshire Hathaway posted a net loss of US$1.53bil (RM5.43bil) – its worst loss in at least two decades – for the quarter to March 31, compared with a profit of US$940mil in the same period a year ago.
But the company returned to the black with a second-quarter profit of US$3.29bil on improved stock markets and credit derivative gains.
“The global financial crisis presented Buffett some unbelievable opportunities to invest in preferred stocks such as Goldman Sachs, General Electric Company and Swiss Re,” Miles said, adding that railroads and banks were some of Buffett’s favourite plays currently.
For instance, Buffett in May increased his stakes in Wells Fargo & Co and US Bancorp by about 4.3% and 2.2%, respectively, when both counters were trading at their lowest prices in more than a decade.
“Buffett understands banks,” Miles said, “and he obviously believes in the long-term health of the banks, and he thinks their managers are rational, candid and doing the right thing for their shareholders.”
According to Miles, Buffett is an excellent example of corporate governance and should be studied around the world.
“He has greatly influenced many corporations – particularly those in which he holds stakes – such as in the way they expense their stock options, change their accounting procedures and make transparent their executive perks in their annual reports,” Miles said, adding that Buffett had resigned from some boards that had not followed his advice.
Miles will be in Kuala Lumpur to conduct a one-day seminar on Buffett’s principles of investment on Thursday at Istana Hotel.
Organised by the Malaysian Alliance of Corporate Directors, the seminar will feature Miles speaking on Warren Buffett Corporate Governance: Building a World Class Board of Directors and Astute Investing in Turbulent Times: Why Warren Buffett Prefers Declining Markets.
FBM KLCI down; investor cautious of region’s recovery
Source: The Star Online
PETALING JAYA: The FTSE Bursa Malaysia KLCI (FBM KLCI) stayed in the red, along with its regional peers, as investors turned wary of the region’s recovery story led by China.
A Bloomberg report said Japan’s economic growth was below some economists’ expectations while foreign direct investment in China fell for the 10th month in July.
Last week, reports showed Chinese exports slowed in July, lending fell and investment growth weakened while Australia’s wage growth stalled due to high unemployment.
At 12.30pm, the Shanghai benchmark index fell almost 1.1%, Nikkei 225 was down 0.5%, Hang Seng Index lost 0.3%, Taiex dropped 2.3%, Kospi fell 0.09% while Singapore’s Straits Times Index was slightly up by 0.04%.
The FBM KLCI was 9.3 points lower at 1,159.7 before the midday break.
Losers led gainers 397 to 131 while 208 counters were unchanged.
Prices of crude palm oil (CPO) futures recovered marginally after yesterday’s losses.
CPO for November delivery rose RM36 per tonne to RM2,371. Oil in electronic trading in Singapore was higher at US$66.87 per barrel.
Plantation stocks, however, saw some selling pressure.
Sime Darby Bhd lost 8 sen to RM8.22, Kuala Lumpur Kepong Bhd dropped 46 sen to RM13.38, PPB Group Bhd fell 16 sen to RM14.92 and IOI Corp Bhd shed 14 sen to RM5.06.
On the gainers list, Adventa Bhd rose 8 sen to RM1.83 and Top Glove Corp Bhd added 9 sen to RM7.15.
OSK Investment Bank, in a report, said across east Asia, markets had rallied to the levels last seen in late 2006 and early 2007, indicating that markets were significantly overvalued and ripe for a retracement.
Corporate results wise, there were more outperformance this season, leading to upward revision in earnings estimates, the research house said.
“While poorer results tend to be held back up to the end, we still believe this results season will see more upgrades than downgrades,” OSK added.
PETALING JAYA: The FTSE Bursa Malaysia KLCI (FBM KLCI) stayed in the red, along with its regional peers, as investors turned wary of the region’s recovery story led by China.
A Bloomberg report said Japan’s economic growth was below some economists’ expectations while foreign direct investment in China fell for the 10th month in July.
Last week, reports showed Chinese exports slowed in July, lending fell and investment growth weakened while Australia’s wage growth stalled due to high unemployment.
At 12.30pm, the Shanghai benchmark index fell almost 1.1%, Nikkei 225 was down 0.5%, Hang Seng Index lost 0.3%, Taiex dropped 2.3%, Kospi fell 0.09% while Singapore’s Straits Times Index was slightly up by 0.04%.
The FBM KLCI was 9.3 points lower at 1,159.7 before the midday break.
Losers led gainers 397 to 131 while 208 counters were unchanged.
Prices of crude palm oil (CPO) futures recovered marginally after yesterday’s losses.
CPO for November delivery rose RM36 per tonne to RM2,371. Oil in electronic trading in Singapore was higher at US$66.87 per barrel.
Plantation stocks, however, saw some selling pressure.
Sime Darby Bhd lost 8 sen to RM8.22, Kuala Lumpur Kepong Bhd dropped 46 sen to RM13.38, PPB Group Bhd fell 16 sen to RM14.92 and IOI Corp Bhd shed 14 sen to RM5.06.
On the gainers list, Adventa Bhd rose 8 sen to RM1.83 and Top Glove Corp Bhd added 9 sen to RM7.15.
OSK Investment Bank, in a report, said across east Asia, markets had rallied to the levels last seen in late 2006 and early 2007, indicating that markets were significantly overvalued and ripe for a retracement.
Corporate results wise, there were more outperformance this season, leading to upward revision in earnings estimates, the research house said.
“While poorer results tend to be held back up to the end, we still believe this results season will see more upgrades than downgrades,” OSK added.
Ideal Property to launch RM1.1bil project in Penang
Souce: David Tan (The Star Online.COM)
GEORGE TOWN: The RM1.1bil Penang International City, located on a 100-acre site in Bayan Lepas, will be the most expensive and largest project unveiled on the island this year when it is launched in October, said Ideal Property Development Sdn Bhd managing director Datuk Alex Ooi.
Ideal Property is developing the project through a joint venture with Koperasi Tunas Muda.
It comprises some 1,800 landed residential and high-rise properties, which make up 80% of the project, with commercial properties taking up the rest, according to Ooi.
“Our strategy is to first launch the residential components, strengthen the infrastructure, and then move on to the commercial phase, comprising a four-star hotel, a 250,000 sq ft lifestyle shopping mall, and a 150,000 sq ft resort office building, equipped with recreational facilities, besides modern IT infrastructure,” he said.
The landed residential components, over 500 terraced and semi-detached units, will be launched in three phases between October 2009 and April 2010.”
Subsequently residential high-rise properties, comprising over 1,000 condominium units will be launched while “sometime in late 2010 or early 2011, the commercial components will be launched,” he added.
Subsequently residential high-rise properties, comprising over 1,000 condominium units will be launched while “sometime in late 2010 or early 2011, the commercial components will be launched,” he added.
Ooi said the landed properties would be priced between RM550,000 and RM780,000, while the apartments between RM300,000 and RM500,000, adding that a 12-acre site would be allocated for the development of an education institution.
“We will also create a one-acre man-made lake as part of the project,” he said.
The project would be marketed in Hong Kong, Singapore, Indonesia, and other parts of Asia, Ooi said.
“We are confident as the property market in China has rebounded, which will have a positive impact on the regional market,” he said.
The recent brisk sales of the One World and One Sky high-rise projects in Bayan Baru showed very strong demand for residential properties on the island, Ooi said.
“The One World and One Sky high-rise properties by Ideal Property and Kuwait Finance House were respectively sold out after their launches in May and July.
“Both projects have over 500 condominium units, priced between RM235,000 and RM410,000,” he said.
Ooi said Ideal Property was also exploring to launch other projects with Koperasi Tunas Mudas, which owns other strategically located sites in the southwest district of the island.
“We are considering the development of modern office buildings next year,” he said.
Ideal Property is part of the Penang-based Ideal Group, comprising over 20 companies, involved in property development, property investment holding and business process outsourcing.
In property development, the group has since 2002 developed over 600 units of landed and residential high-rise properties in Penang and Kuala Lumpur.
The group currently owns and manages three properties on the island, including the landmark Northern Tower at Jalan Sultan Ahmad Shah (or the millionaires’ row) and a light industrial park in Kepong.
Besides Penang, the group also has property investment businesses in Cambodia, Shanghai and Beijing in China.
Monday, August 17, 2009
Bursa Shares End Broadly Lower
Source: Bernama.Com
KUALA LUMPUR, Aug 17 (Bernama) -- Share prices on Bursa Malaysia ended lower Monday on continuous selling activities across the board, dealers said.The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) declined 19.52 points to close at 1,169.05, after opening 1.32 points lower at 1,187.25.An analyst said the market was in a correction mode after recent gains with the FBM KLCI reaching the 1,190-point level last week."The downtrend was due to heavy profit taking and there was no fresh catalyst to boost it."The market needs it but I don't think there will be any fresh catalyst in the near-term," said SJ Securities analyst Phua Kwee Hock.He said the decline was also in line with the softer regional markets after the announcement of poor US consumer confidence data recently."The data failed to lift up the market, erasing hopes among investors on the world economic recession," he added.
At the close, the Finance Index went down 194.88 points to 9,455.31, the Plantation Index dipped 127.58 points to 5,939.38 and the Industrial Index decreased 33.22 points to 2,575.83.The FBM Emas Index slipped 162.18 points to 7,899.08, the FBM Top 100 eased 141.40 points to 7,671.14 and the FBM ACE Index declined 89.83 points to 4,216.64.Losers led gainers by 701 to 93 while 111 counters were unchanged and 331 others untraded.Total turnover decreased to 1.023 billion shares worth RM1.435 billion from 1.051 billion shares valued at RM1.556 billion last Friday.Volume leader KNM Group went down 4.5 sen to 75 sen while TA dropped seven sen to RM1.16, MRCB dipped eight sen to RM1.33, Axiata lost 13 sen to RM3.00 and Telekom Malaysia rose a sen to RM3.08.UEM Land slipped seven sen to RM1.56 sen and AirAsia inched down half a sen to RM1.44.Among heavyweights, Sime Darby declined 12 sen to RM8.30, Maybank was 13 sen lower at RM6.47, Bumiputra-Commerce lost 24 sen to RM10.50, Tenaga Nasional dipped three sen to RM8.10 and IOI Corporation was lower by 15 sen at RM5.20.Volume on the Main Market stood at 904.397 million shares worth RM1.414 billion, lower from last Friday's 931,588 million shares worth RM1.536 billion.Tthe ACE Market volume dipped to 72.808 million shares valued at RM11.237 million from 80.976 million shares valued at RM10.643 million.
Warrants, however, rose to 41.008 million units worth RM8.121 million from 34.939 million units worth RM7.967 million.Consumer products accounted for 40.815 million shares traded on the Main Market, industrial products 255.488 million, construction 76.080 million, trade/services 305.317 million, technology 18.790 million, infrastructure 12.012 million, finance 70.503 million, hotels 2.053 million, properties 90.185 million, plantations 32.075 million, mining 53,000, REITs 952,900 and closed/fund 75,300.
KUALA LUMPUR, Aug 17 (Bernama) -- Share prices on Bursa Malaysia ended lower Monday on continuous selling activities across the board, dealers said.The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) declined 19.52 points to close at 1,169.05, after opening 1.32 points lower at 1,187.25.An analyst said the market was in a correction mode after recent gains with the FBM KLCI reaching the 1,190-point level last week."The downtrend was due to heavy profit taking and there was no fresh catalyst to boost it."The market needs it but I don't think there will be any fresh catalyst in the near-term," said SJ Securities analyst Phua Kwee Hock.He said the decline was also in line with the softer regional markets after the announcement of poor US consumer confidence data recently."The data failed to lift up the market, erasing hopes among investors on the world economic recession," he added.
At the close, the Finance Index went down 194.88 points to 9,455.31, the Plantation Index dipped 127.58 points to 5,939.38 and the Industrial Index decreased 33.22 points to 2,575.83.The FBM Emas Index slipped 162.18 points to 7,899.08, the FBM Top 100 eased 141.40 points to 7,671.14 and the FBM ACE Index declined 89.83 points to 4,216.64.Losers led gainers by 701 to 93 while 111 counters were unchanged and 331 others untraded.Total turnover decreased to 1.023 billion shares worth RM1.435 billion from 1.051 billion shares valued at RM1.556 billion last Friday.Volume leader KNM Group went down 4.5 sen to 75 sen while TA dropped seven sen to RM1.16, MRCB dipped eight sen to RM1.33, Axiata lost 13 sen to RM3.00 and Telekom Malaysia rose a sen to RM3.08.UEM Land slipped seven sen to RM1.56 sen and AirAsia inched down half a sen to RM1.44.Among heavyweights, Sime Darby declined 12 sen to RM8.30, Maybank was 13 sen lower at RM6.47, Bumiputra-Commerce lost 24 sen to RM10.50, Tenaga Nasional dipped three sen to RM8.10 and IOI Corporation was lower by 15 sen at RM5.20.Volume on the Main Market stood at 904.397 million shares worth RM1.414 billion, lower from last Friday's 931,588 million shares worth RM1.536 billion.Tthe ACE Market volume dipped to 72.808 million shares valued at RM11.237 million from 80.976 million shares valued at RM10.643 million.
Warrants, however, rose to 41.008 million units worth RM8.121 million from 34.939 million units worth RM7.967 million.Consumer products accounted for 40.815 million shares traded on the Main Market, industrial products 255.488 million, construction 76.080 million, trade/services 305.317 million, technology 18.790 million, infrastructure 12.012 million, finance 70.503 million, hotels 2.053 million, properties 90.185 million, plantations 32.075 million, mining 53,000, REITs 952,900 and closed/fund 75,300.
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