Property Stocks Boost FBM KLCI
The benchmark FTSE Bursa Malaysia (FBM) Kuala Lumpur Composite Index reversed the morning's easier trend to finish 3.41 points higher at 1,263.94. It opened 0.52 of a point lower at 1,260.0 Thursday morning.
Prime Minister Datuk Seri Najib Tun Razak announced on Wednesday that the tax will only be applicable on properties that are sold within five years of their purchase.
The revision of the real property gains tax policy bolstered renewed confidence in property counters and was described as the "perfect Christmas gift" for the sector.
" It provides a much needed relief to the sector as it sends an affirmative signal that the government will adopt an accomodative stance to support the property sector," said ECM Libra Investment Research in its research note Thursday.
" It provides a much needed relief to the sector as it sends an affirmative signal that the government will adopt an accomodative stance to support the property sector," said ECM Libra Investment Research in its research note Thursday.
The FBM Emas Index added 27.95 points to 8,421.43, the FBM Top 100 Index increased 25.48 points to 8,339.03, the FBM 70 Index advanced 38.15 points to 8,151.53 but the FBM Ace Index eased 17.99 points to 4,200.53.
The Finance Index rose 25.44 points to 10,905.94 prompted by Maybank which rose three sen to RM6.80 and CIMB Group which gained two sen to RM12.84.
The Finance Index rose 25.44 points to 10,905.94 prompted by Maybank which rose three sen to RM6.80 and CIMB Group which gained two sen to RM12.84.
The ACE Market volume slipped to 28.224 million shares, worth RM7.567 million, from 35.952 million shares worth RM9.441 million previously.
Gainers led losers 340 to 208 while 268 other stocks remained unchanged.Dealers said trading was moderate ahead of the long weekend amid positive sentiment bouyed by advances in regional markets.
The local bourse will be closed tomorrow for Christmas.
BT Team members wishes all visitors
Merry Christmas & Happy New Year!!!
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