HwangDBS Expects Market Upturn in Second Half

Business Times (NSTP) - 27 March 2008

Kuala Lumpur - HwangDBS Investment Management Bhd expects the local stock market to show signs of recovery in the second half of the year, its
chief said. Its chief executive officer Teng Chee Wai was confident the market will close the year higher than where it stands today.

The market's main benchmark has fallen about 14 per cent so far this year after gaining 32 per cent in 2007. He said Malaysia will not perform as well as regional markets for the time being as post-election uncertainties and delayed project implementation have influenced investor perception. The fund management firm expects to manage some RM7 billion by the end of the year with the launch of another five to six funds this year. It managed RM6 billion worth of funds last year as it introduced seven new
funds.

Meanwhile, the firm yesterday launched its first fund for the year, the Asia
Aspire Capital Protected Fund (AACP). It will invest in stocks of companies with a consumer-based business like finance, luxury fashion, consumer electronics, automobile and telecommunications. The fund also has a switch mechanism to help investors gain from both rising and falling markets. It will invest in 10 stocks of global brands but will switch to defensive assets like one-month Australian Treasury Bills, when it detects bearish market conditions.

HwangDBS is aiming for an average annual return of 6-8 per cent for the newly-launched fund. The RM300 million close-ended fund is suitable for risk-averse investors with a short term investment horizon. The minimum initial investment is RM2,000 and is available until May 10, 2008.