Malaysia’s benchmark index retreated as profit-taking in key heavyweights weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI : 1,684.93 (-0.83%) FBM Mid 70: -0.00% (flat) FBM Small Cap: -0.23% FBM ACE: +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume: 3.54 billion shares Total value: RM4.19 billion Gainers: 456 Losers: 678 Unchanged: 550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY) +1.54% Petronas Gas (6033.MY) +1.18% Sunway (5211.MY) +1.15% Losers Hong Leong Bank (5819.MY) -3.29% Maybank (1155.MY) -3.02% CIMB (1023.MY) -2.47% Banking sector weakness was the main ...
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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