SHARE prices on Bursa Malaysia closed firmer across the board today, led by property related stocks.
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 this morning.
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 today.
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 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 to8,151.53 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 Plantation Index rose 3.56 points to 6,283.65 in tandem with crude palm oil futures which rebounded after three consecutive days of losses.
Plantation stock PPB Group rose 30 sen to RM16.00 and Kuala Lumpur Kepong gained two sen to RM16.08.
The Industrial Index, meanwhile, was up 12.09 points to 2,668.86.
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.
Gainers led losers 340 to 208 while 268 other stocks remained unchanged.
Total volume declined to 383.796 million shares, worth RM504.555 million,from 410.449 million shares valued at RM627.583 million yesterday.
- Bernama |
