KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
BUDGET 2016: NAJIB ALLOCATES RM267.2 BILLION
Budget 2016 was tabled by Prime Minister Datuk Seri Najib Razak last Friday, with the theme "Prospering the Rakyat", allocating RM267.2 billion compared with the revised RM260.7 billion in 2015.
Among his measures to boost revenue was to raise taxes on the country’s richest individuals. Those earning RM600,000 to RM1 million annually will be taxed at 26% from 25% now, while those earning more than RM1 million a year will pay a rate of 28%. In its 2015/2015 economic report, the government forecast that GDP would grow 4% to 5% in 2016, from 4.5% to 5.5% this year. It sees the fiscal deficit narrowing to 3.1% of GDP in 2016 from a revised 3.2% this year.
WCT GETS TRX CONTRACT, BUYS TRX LAND
1MDB is on the spotlight again, as 1MDB Real Estate Sdn Bhd has awarded WCT Holdings Bhd a RM754.8 million contract to build infrastructure and roadway works for the Tun Razak Exchange (TRX). WCT’s indirect unit, WCT Precious Development Sdn Bhd, also entered into a conditional sale and purchase agreement with 1MDBRE’s wholly-owned unit KLIFD Sdn Bhd to buy a 0.7ha freehold development land, forming part of the TRX, for RM223 million or about RM3,100 per sq ft.
LIM KIT SIANG SUSPENDED
DAP parliamentary leader Lim Kit Siang has been suspended from Parliament for six months for insulting speaker Tan Sri Pandikar Amin Mulia. The motion to suspend the Gelang Patah member of Parliament was passed in a bloc vote, with a final result of 107 “yeas” versus 77 “nays”. The motion noted that Lim had accused Pandikar of abusing his power and “sabotaging” the investigations into 1Malaysia Development Bhd (1MDB) last Monday during a debate on the appointment of the new Public Accounts Committee chairman.
Budget 2016 was tabled by Prime Minister Datuk Seri Najib Razak last Friday, with the theme "Prospering the Rakyat", allocating RM267.2 billion compared with the revised RM260.7 billion in 2015.
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| BUDGET 2016 |
WCT GETS TRX CONTRACT, BUYS TRX LAND
LIM KIT SIANG SUSPENDED
DAP parliamentary leader Lim Kit Siang has been suspended from Parliament for six months for insulting speaker Tan Sri Pandikar Amin Mulia. The motion to suspend the Gelang Patah member of Parliament was passed in a bloc vote, with a final result of 107 “yeas” versus 77 “nays”. The motion noted that Lim had accused Pandikar of abusing his power and “sabotaging” the investigations into 1Malaysia Development Bhd (1MDB) last Monday during a debate on the appointment of the new Public Accounts Committee chairman.
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