WEEKLY HIGHLIGHTS • The KLCI touched a 6-month intraday high of 942.4 points in tandem with higher regional markets before closing at 941.4 points for a gain of 3.8% over the week. • Regional markets strengthened on gains in the U.S. markets and optimism over the latest Japanese government’s stimulus package. • The market is anticipated to move in tandem with overseas markets as investors monitor the outlook for the U.S. credit market, global economic growth and interest rates. STOCKMARKET COMMENTARY The KLCI touched a 6-month intraday high of 942.4 points on Friday in tandem with higher regional markets and gains in selected index stocks. The KLCI closed at 941.4 points for a gain of 3.8% over the week. Average daily trading volume increased to 0.9 bil units from 0.6 bil units over the preceding week while average trading value rose to RM1.2 bil from RM0.9 bil over the same period. On Wall Street, share prices rose to a 2- month intraday high of 8,087 points on Thursday following better-than-expected 1Q2009 corporate earnings announced by a major U.S. financial institution. The Dow closed at 8,083 points for a gain of 0.8% while the Nasdaq rose by 1.9% to 1,653 points over the week. U.S exports declined the most in 16 years by 16.9% in February after contracting by 16.5% in January on lower exports of industrial supplies, capital goods and automobiles. Imports contracted by 28.8% from a decline of 22.8% over the same period. The cumulative U.S. trade deficit for the first two months of 2009 narrowed by 48.6% to US$62.2bil compared to the

1. MARKET WRAP: WEEK ENDED WEEKLY HIGHLIGHTS
10 APRIL’09
• The KLCI touched a 6-month intraday
Bursa Securities vs Public Mutual’s performance*
high of 942.4 points in tandem with
10 Apr'09 03 Apr'09 % chng
KL Composite 941.38 907.01 +3.8
higher regional markets before closing
FBMS Shariah 6,537.57 6,247.93 +4.6
at 941.4 points for a gain of 3.8% over
MSCI FEXJ# 299.76 293.51 +2.1
the week.
MSCI World 217.27 214.96 +1.1
Local Funds
PSF 0.5305 0.5162 +2.8
• Regional markets strengthened on
PGF 0.3929 0.3789 +3.7
gains in the U.S. markets and
PIX 0.5071 0.4901 +3.5
optimism over the latest Japanese
PIF 0.4241 0.4127 +2.8
PAGF 0.5101 0.4927 +3.5 government’s stimulus package.
PRSF 0.4165 0.4025 +3.5
PBF 0.6523 0.6389 +2.1
• The market is anticipated to move in
P SmallCap 0.6084 0.5886 +3.4
PEF 0.2281 0.2201 +3.6 tandem with overseas markets as
PFSF 0.1685 0.1634 +3.1
investors monitor the outlook for the
PDSF 0.2281 0.2205 +3.4
U.S. credit market, global economic
PSSF 0.1813 0.1749 +3.7
growth and interest rates.
PBBF 0.7442 0.7311 +1.8
PBGF 0.6581 0.6419 +2.5
Local Islamic Funds
STOCKMARKET COMMENTARY
P Ittikal 0.7365 0.7142 +3.1
PIEF 0.2626 0.2539 +3.4
The KLCI touched a 6-month intraday
PIOF 0.2381 0.2275 +4.7
PIBF 0.2226 0.2169 +2.6
high of 942.4 points on Friday in tandem
PIDF 0.2548 0.2475 +2.9
with higher regional markets and gains in
PISSF 0.1830 0.1765 +3.7
selected index stocks. The KLCI closed at
PISTF 0.2138 0.2091 +2.2
941.4 points for a gain of 3.8% over the
PIOGF 0.1985 0.1930 +2.8
PISEF 0.2545 0.2466 +3.2
week.
PBIEF 0.1872 0.1806 +3.7
Foreign Funds^
Average daily trading volume increased to
PFES 0.2059 0.2036 +1.1
PRSEC 0.1838 0.1807 +1.7 0.9 bil units from 0.6 bil units over the
PGSF 0.1617 0.1608 +0.6
preceding week while average trading
PFEDF 0.1840 0.1819 +1.2
value rose to RM1.2 bil from RM0.9 bil
PFEBF 0.1834 0.1830 +0.2
over the same period.
PGBF 0.1808 0.1802 +0.3
PCSF 0.1450 0.1430 +1.4
PFEPRF 0.1365 0.1374 -0.7
On Wall Street, share prices rose to a 2-
PSEASF 0.1512 0.1515 -0.2
month intraday high of 8,087 points on
PFECTF 0.2111 0.2079 +1.5
Thursday following better-than-expected
PCTF 0.2026 0.2004 +1.1
PFETIF 0.2622 0.2627 -0.2
1Q2009 corporate earnings announced by
PBAEF 0.2050 0.2024 +1.3
a major U.S. financial institution. The
PBADF 0.1571 0.1575 -0.3
Dow closed at 8,083 points for a gain of
PBEPEF 0.1406 0.1399 +0.5
PBCPEF 0.1339 0.1316 +1.7 0.8% while the Nasdaq rose by 1.9% to
PBCAEF 0.2312 0.2306 +0.3
1,653 points over the week.
PBAREIF 0.1799 0.1804 -0.3
Foreign Islamic Funds^
U.S exports declined the most in 16 years
PAIF 0.2045 0.2028 +0.8
PIADF 0.1696 0.1684 +0.7 by 16.9% in February after contracting by
PIABF 0.1902 0.1891 +0.6
16.5% in January on lower exports of
PCIF 0.1567 0.1559 +0.5
industrial supplies, capital goods and
PBIAEF 0.1731 0.1712 +1.1
automobiles. Imports contracted by 28.8%
PBIASSF 0.1438 0.1426 +0.8
Capital Protected Funds from a decline of 22.8% over the same
PCPSPF 1.0254 1.0238 +0.2
period. The cumulative U.S. trade deficit
PBCPDF 0.9915 0.9922 -0.1
for the first two months of 2009 narrowed
PBCPRF 1.0121 1.0115 +0.1
#
by 48.6% to US$62.2bil compared to the
*Buying Price, in USD
^ NAV as at 9 Apr’09. Non-business day for 10 Apr’09
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2. Other Markets’ Performance
same period last year. The Institute of
10 Apr'09 03 Apr'09 % chng
Supply Management’s (ISM) Non-
Dow Jones 8,083^ 8,018 +0.8
Manufacturing Index eased for the second
Nasdaq 1,653^ 1,622 +1.9
consecutive month to 40.8 in March from Nikkei 8,964 8,750 +2.4
41.6 in February on lower new orders and SH Comp 2,444 2,420 +1.0
employment. U.S. initial jobless claims for China*, H share 8,832^ 8,575 +3.0
the week ended 3rd April 2009 fell to Hong Kong 14,901^ 14,546 +2.4
Taiwan 5,782 5,530 +4.6
654,000 claims compared to 674,000
South Korea 1,336 1,284 +4.1
claims in the preceding week.
Singapore 1,829^ 1,821 +0.4
Thailand 454 446 +1.8
After easing below US$50/brl on 7th April Indonesia 1,466# 1,500 -2.3
2009, crude oil prices rose to close at * Hang Seng China Enterprise Index
US$52.24/brl due to a decline in U.S. oil ^ Index as at 9 Apr’09.
# Index as at 8 Apr’09
inventories to register a weekly loss of
0.5%.
Bursa Securities Market Valuations^
On the local front, Malaysia’s industrial 10 Apr'09 03 Apr'09 9 yr ave*
production fell for the sixth consecutive KLCI 941.38 907.01 -
month, by 14.7% in February after PER'09(x) 15.91 15.37 16.63
contracting by 19.8% in January due to Price/NTA(x) 2.59 2.55 2.33
declines in the mining, manufacturing and 3mth InterBk 2.11% 2.11% 3.27%
utility sectors. Malaysia’s foreign reserves *2000-2008 average
^PMB In-House Statistics
rose by RM3.9 billion to RM320.7 billion
on a year-to-date basis to 31st March 2009 Malaysia’s Economic Snapshot
after accounting for the quarterly 2007 2008 2009F
adjustment of foreign exchange -1.0 to +1.0*
GDP growth, % 6.3 4.6
revaluation gains. 1.6#
Inflation, % 2.0 5.4
12mth Fix Dep, % 3.75 3.70 2.50
The Malaysian Ringgit registered a * Bank Negara Malaysia forecast
#
Consensus forecast
weekly loss of 2.0% to RM3.610 on
Bursa Securities 9 year P/E Ratio
concerns over slower economic activities.
30
On a year-to-date basis, the Ringgit 28
depreciated by 4.4% against the 26
P/E Ratio (x)
greenback. Average: 16.6x
24
22
Looking ahead, the local market is 20
anticipated to continue moving in tandem 18
16
with overseas markets over the near term.
14
Investors will continue to monitor the
12
outlook for the U.S. credit market, global 10
economic activities and interest rates. 00 01 02 03 04 05 06 07 08 09
At the KLCI’s closing level of 941.4
points on 10th April 2009, the local stock
market is valued at a P/E of 15.9x on 2009
earnings, which is at a discount of 4.2% to
the 9-year average P/E ratio of 16.6x. The
local market is also supported by a gross
dividend yield of about 5%, which exceeds
its 9-year average of 3.4% and the current
12-month fixed deposit rate of 2.5%.
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3. REGIONAL MARKET WRAP: FORTNIGHTLY
WEEK ENDED REGIONAL MARKETS
10 APRIL’09 COMMENTARY
Regional Markets Performance
WEEKLY HIGHLIGHTS
10 Apr'09 03 Apr'09 % chng
KLCI 941 907 +3.8
• Regional markets strengthened on
MSCI FEXJ# 300 294 +2.1
gains in the U.S. markets and
China*, H share 8,832^ 8,575 +3.0
optimism over the latest Japanese
SH Comp 2,444 2,420 +1.0
Hong Kong 14,901^ 14,546 +2.4 government’s stimulus package.
Taiwan 5,782 5,530 +4.6
Nikkei 8,964 8,750 +2.4
• China’s exports contracted at a slower
South Korea 1,336 1,284 +4.1
pace by 17.1% in March after
Singapore 1,829^ 1,821 +0.4
declining by 25.7% in February.
Thailand 454 446 +1.8
However, Taiwan’s exports continued
Indonesia 1,466^^ 1,500 -2.3
Philippines 2,073^^ 2,029 +2.2 to decline further by 35.7% after
#
in USD * Hang Seng China Enterprise Index contracting by 28.6% over the same
^ Index as at 9 Apr’09. ^^Index as at 8 Apr’09
period.
Regional Economies Snapshot
• The Japanese government unveiled a
GDP Growth (%) 2007 2008 2009f
new stimulus package of US$154
China 13.0 9.0 6.7
billion on 9th April 2009 to help boost
Indonesia 6.3 6.1 4.0
Japan’s GDP by 2% for 2009.
Philippines 7.3 4.6 3.5
Thailand 4.8 2.6 -4.0
• The outlook for regional equity
Hong Kong 6.4 2.5 -3.0
markets will depend on the trend in
South Korea 5.0 2.5 -4.1
regional exports, the impact of fiscal
Singapore 7.7 1.2 -3.8
stimulus in each country, the outlook
Taiwan 5.7 0.1 -5.4
for U.S. economic growth and reform
Japan 2.4 -0.8 -5.8
Source : International Monetary Fund, f=forecast in the U.S. financial sector.
Regional Markets Valuations
STOCKMARKET COMMENTARY
Prospective Estimated
P/E Dividend
For the week ended 10th April, the Taiwan
(x) Yield (%)
and South Korean markets rose by 4.6%
Thailand 8.28 5.17
and 4.1% respectively as investor
Philippines 10.24 4.71
sentiment improved following gains in the
Singapore 12.42 4.43
U.S. markets and the announcement of an
Hong Kong 13.07 4.00
Indonesia 8.74 3.81 additional US$154 billion stimulus
Taiwan 28.21 3.73 package by the Japanese government on
China ‘H’ 12.44 3.15 9th April to help stimulate the economy.
Japan 41.98 1.84 The Hang China Enterprises Index also
South Korea 13.79 1.83 rose by 3.0% while the Japanese and the
Shanghai Comp 17.76 1.77 Hong Kong markets each registered gains
Source: Bloomberg, 10 Apr’09
of 2.4% respectively.
MSCI AC Far-East Ex-Japan- P/E RATIO
PER
South-East Asian markets also
26
strengthened with the Philippines and
23
Thailand markets rising by 2.2% and 1.8%
Average: 15.85
20
respectively. However, the Indonesian
17
market fell by 2.3% over the same period.
14
11
8
10 Apr '09 = 15.01x
5
1988 1992 1996 2000 2004 2008
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4. China’s exports contracted at a slower pace by 17.1% in March after contracting by
25.7% in February on higher exports to selected Asian countries. Imports fell by
25.1% compared to a decline of 24.1% over the same period. The trade surplus for the
first three months of 2009 widened by 53.2% to US$62.5bil compared to the same
period last year.
Taiwan’s exports fell further by 35.7% in March after contracting by 28.6% in
February due to a decline in electronics and metal exports. Imports contracted by
49.5% compared to a decline of 31.6% over the same period. Taiwan’s trade surplus
for the first three months of 2009 rose to US$8.5bil compared to US$3.3 billion
registered in the same period last year. Taiwan’s inflation rate declined at slower pace
of 0.2% in March after contracting by 1.3% in February on higher food prices.
In addition to the stimulus plan of US$99 billion unveiled on 7th April 2009, the
Japanese government unveiled a new stimulus package of US$154 billion on 9th
April 2009 to help boost Japan’s GDP by 2% for 2009. The new stimulus, equivalent
to 3.2% of GDP, includes tax cuts, credit guarantees and cash handouts.
The near term outlook for regional equity markets will depend on the trend in
regional exports, the impact of fiscal stimulus in each country, the outlook for U.S.
economic growth and reform in the U.S. financial sector. The valuations of regional
markets, as proxied by the MSCI Far East ex Japan Index, is at a P/E of 15.0x as at
10th April 2009, which offers a discount of 5.6% to the 21-year average P/E ratio of
15.9x.
You are advised to read and understand the contents of the Master Prospectus of Public Series of
Funds dated 30th April 2008 and expires on 29th April 2009, Master Prospectus of Public Series of
Shariah-Based Funds dated 30th April 2008 and expires on 29th April 2009, Master Prospectus of
PB Series of Funds dated 30th April 2008 and expires on 29th April 2009, Information
Memorandum of PB Cash Plus Fund and PB Islamic Cash Plus Fund dated 1st March 2009 and
expires on 28th February 2010, Prospectus of PB Capital Protected Dragon Fund dated 24th
March 2008 and expires on 7th May 2008, Prospectus of Public Far-East Telco & Infrastructure
Fund dated 8th July 2008 and expires on 29th April 2009, Prospectus of Public Capital Protected
Select Portfolio Fund dated 29th July 2008 and expires on 11th September 2008, Prospectus of
Public Islamic Select Enterprises Fund & Public Islamic Income Fund dated 14th August 2008 and
expires on 29th April 2009 and Prospectus of PB Capital Protected Resources Fund dated 20th
August 2008 and expires on 3rd October 2008 before investing. These prospectuses have been
registered with the Securities Commission who takes no responsibility for their contents, and
neither should their registration be interpreted to mean that the Commission recommends the
investment.
You should note that there are fees and charges involved; and that the prices of units and
distribution payable, if any, may go down as well as up. Applications to purchase must come in the
form of a duly completed application form referred to in and accompanying the prospectus. A copy
of the prospectus can be obtained from your attending agent, corporate representative or nearest
Public Mutual office.
Past performance should not be taken as an indication of future performance.
Public Mutual Berhad (23419-A)
Block B, Sri Damansara Business Park, Persiaran Industri, Bandar Sri Damansara, 52200 Kuala Lumpur, Malaysia. P.O. Box 10045, 50700 Kuala Lumpur
Tel: 03-62796800 Fax: 603-62779800 Website:http://www.publicmutual.com.my
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