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Market Daily Report: Bursa Malaysia Ends Higher, CI Up 1.10 Pct

KUALA LUMPUR, April 1 (Bernama) -- Bursa Malaysia closed higher on Wednesday, with the key index rising 1.10 per cent, in line with firm gains across regional markets following a strong rally on Wall Street overnight, said an analyst.  IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the improvement in sentiment was underpinned by easing geopolitical concerns and a decline in oil prices.  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increase 18.54 points or 1.10 per cent to 1,708.90 from Tuesday’s close of 1,690.36. The benchmark index opened 25.58 points higher at 1,715.94, marking its intraday high, and hit a low of 1,700.20 during the mid-morning session. The broader market was positive, with gainers leading decliners 780 to 444. A total of 475 counters were unchanged, 926 untraded and 11 suspended.
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Hong Kong Faces Growth Risks with 10,000 Civil Job Cuts, Property Measures

Hong Kong's Fiscal Plan & Economic Adjustments

  • Hong Kong government to cut 10,000 civil servant jobs over the next two years, freezing public sector wagesto curb spending.
  • Financial Secretary Paul Chan announced a focus on economic integration with China, aiming to drive growth amid property market struggles and trade uncertainty.
  • New spending cuts include a 7% reduction in regular expenditures over three years due to declining land sales revenue.

Property Market & Stimulus Measures

  • Stamp duty reduction for homes valued up to HK$4 million (previously HK$3 million).
  • Developer stocks surged:
    • China Overseas Land & Investment (+8.4%)
    • Sun Hung Kai Properties (+3.1%)
  • Hang Seng Index jumped 4.1%, hitting a three-year high on market optimism.

Innovation & Revenue Generation Efforts

  • HK$1 billion pledged to an AI research center to promote innovation.
  • HK$10 billion fund created to invest in emerging industries.
  • Exploring regulated basketball betting to convert illegal gambling revenue (HK$90 billion) into taxable income.
  • Increasing air passenger tax from HK$120 to HK$200 and reviewing tunnel tolls/traffic fines.

Economic Outlook & Risks

  • Hong Kong’s budget deficit for 2025 projected at US$87.2 billion, exceeding earlier estimates.
  • GDP forecasted to grow 2%-3%, slightly above last year's 2.5% growth.
  • Sluggish consumer spending & property downturn remain major economic headwinds.
  • Northern Metropolis project to move forward, with land tenders for pilot sites starting later this year.

Summary:

  • Hong Kong will cut 10,000 government jobs and trim spending to stabilize its economy.
  • Property sector gets a boost from lower stamp duties, lifting developer stocks.
  • New AI and industrial investments announced, but fiscal constraints limit stimulus options.
  • Revenue-boosting measures include new taxes, betting regulation, and infrastructure projects.
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