Thesun 2009-10-16 Page15 Ocbc Buys Ings Asian Private Bank

theSun

15

| FRIDAY OCTOBER 16 2009

business

KLCI STI Hang Seng SCI

1,246.86 2,712.15 21,998.08 2,979.79

0.02 3.67 112.60 9.26

Nikkei 10,238.65 TSEC 7,710.40 KOSPI 1,658.99 S&P/ASX200 4,859.90

178.44 14.65 9.90 28.80

KL market summary OCTOBER 15, 2009 INDICES

CHANGE

FBMEMAS 8,394.07 FBM-KLCI 1,246.86 INDUSTRIAL 2,666.75 CONSUMER PRODUCT 370.08 INDUSTRIAL PRODUCT 93.49 CONSTRUCTION 238.14 TRADING SERVICES 160.79 FINANCE 10,526.13 PROPERTIES 815.86 PLANTATIONS 6,075.01 MINING 316.12 FBMSHA 8,489.73 FBMACE 4,263.72 TECHNOLOGY 17.20 TURNOVER 1.365bil

+0.49 +0.02 -0.37 +1.13 -0.13 -0.42 -0.27 -2.11 +2.02 +43.68 (UNCH) +14.89 -5.30 -0.05

VALUE RM1.472bil

Share prices close mixed, CI up SHARE prices on Bursa Malaysia closed mixed yesterday as investors took profit after early gains. The market opened on a stronger footing as sentiment was boosted by the strong rally on Wall Street overnight which lifted the Dow Jones Industrial Average off the crucial 10,000 level for the first time in more than a year on the back of upbeat earnings news. Follow-through buying in heavyweights pushed the benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index to hit an intraday high of 1,256.59. “The market sentiment is still firm underpinned by bullish overseas markets. Mild profit taking saw the FBM KLCI slipping below 1,250 level in the afternoon session but it managed to finish the day in positive territory backed by late buying,” one dealer said. At close, the FBM Emas Index added 0.49 of a point to 8,394.07, the FBM Top 100 increased 4.79 points to 8,176.04 and the FBM 70 advanced 23.30 points to 8,281.00 but the FBM ACE Index declined 5.30 points to 4,263.72. – Bernama

OCBC buys ING’s Asian private bank SINGAPORE: Singapore’s Oversea-Chinese Banking Corp (OCBC) yesterday announced the purchase of Dutch lender ING’s Asian private banking business for US$1.46 billion (RM5 billion). “OCBC Bank announced Thursday that it reached agreement with ING Bank N.V. to acquire its Asian private banking business ... for US$1.463 billion in cash,” the bank said in a statement. It said ING’s assets comprised Singapore-

based ING Asia Private Bank Limited and its affiliated entities across the region. OCBC, one of three homegrown Singapore banks, said its acquisition “marks a transformational step” in its private banking business, which involves managing the assets of the region’s growing ranks of millionaires. It will also “more than triple the bank’s private client assets under management to US$23 billion (RM80.5 billion)” and make it one of Asia’s

leading private banks, the statement said. OCBC said Asia is the fastest growing private banking market in the world, with assets under management in the region projected to grow 12.8% a year between 2008 and 2013, higher than the global growth of 8.1%. In Singapore, assets under management have risen from US$50 billion (RM175 billion) in 2000 to US$300 billion (RM1.05 billion) in 2009, the bank said. – AFP

US complaints ‘groundless’: China BEIJING: Beijing yesterday accused Washington of launching baseless actions targeting Chinese imports, as trade tensions simmer between the global giants one month before US President Barack Obama’s visit. “The US launched a large number of trade remedy measures (against China) this year,” commerce ministry spokesman Yao Jian told reporters. “Quite a few such measures were groundless and wrong.” China has been the target of 88 trade actions by 19 countries this year – including

16 by Washington alone, Yao said. The total value of the cases was US$10.2 billion (RM35.7 billion), with the US accounting for 57% of that sum, Yao added. Yao said China would “formally discuss” the cases with the US at the Joint Commission on Commerce and Trade to be held later this month in the eastern city of Hangzhou. “The abuse of trade remedy measures will only worsen the already hard trade environment,” he said. “We are firmly opposed to those groundless cases.” – AFP

EXCHANGE RATES Foreign currency

1 US DOLLAR 1 AUSTRALIAN DOLLAR 1 BRUNEI DOLLAR 1 CANADIAN DOLLAR 1 EURO 1 NEW ZEALAND DOLLAR 1 PAPUA N GUINEA KINA 1 SINGAPORE DOLLAR 1 STERLING POUND 1 SWISS FRANC 100 ARAB EMIRATES DIRHAM 100 BANGLADESH TAKA 100 CHINESE RENMINBI 100 DANISH KRONE 100 HONGKONG DOLLAR 100 INDIAN RUPEE 100 INDONESIAN RUPIAH 100 JAPANESE YEN 100 NORWEGIAN KRONE 100 PAKISTAN RUPEE 100 PHILIPPINE PESO 100 QATAR RIYAL 100 SAUDI RIYAL 100 SOUTH AFRICAN RAND 100 SRI LANKA RUPEE 100 SWEDISH KRONA 100 THAI BAHT

October 15, 2009

Bank sell Bank buy Bank buy

TT/OD 3.3900 3.1320 2.4490 3.3260 5.0680 2.5570 1.4240 2.4485 5.4350 3.3540 93.9100 5.2000 N/A 70.2600 44.5100 7.6300 0.0375 3.7970 63.3600 4.1900 7.4700 94.5100 91.7700 48.6700 3.0500 51.0300 10.8900

TT 3.3250 3.0370 2.3850 3.2440 4.9650 2.4440 1.1730 2.3850 5.3230 3.2710 88.9200 4.6610 N/A 64.5200 42.1400 7.0100 0.0330 3.7030 58.1400 3.8800 6.9900 89.9000 87.2900 44.5200 2.8000 46.3400 9.2300

OD 3.3150 3.0210 2.3770 3.2320 4.9450 2.4280 1.1570 2.3770 5.3030 3.2560 88.7200 4.4610 N/A 64.3200 41.9400 6.8100 0.0280 3.6930 57.9400 3.6800 6.7900 89.7000 87.0900 44.3200 2.6000 46.1400 8.8300

Source: Malayan Banking Bhd/Bernama