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Market Daily Report: Bursa Malaysia's Key Index Rebounds 0.27 Pct On Heavyweight Buying

KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing.  On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion.   Dealers said that investors were cautious following geopolitical developments in Asia. 
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Hong Kong Lowers Property Tax to Revive Housing Market

New Property Tax Reduction for Low-End Homes

  • Hong Kong will cut stamp duty to HK$100 ($12.80) for homes valued at HK$4 million ($515,000) or below.
  • Previously, transactions between HK$3M-HK$4M were taxed up to 1.5% of deal value.
  • Finance chief Paul Chan announced the move in his 2025 budget speech.

Hong Kong’s Struggling Real Estate Sector

  • Property prices have plunged 27% since 2021, nearing 2016 levels due to high borrowing costs, weak economy, and oversupply.
  • Despite scrapping all extra stamp duties & relaxing mortgage rules last year, home prices still fell 5% in 2024.
  • The latest tax reduction will benefit ~15% of all property transactions, according to government estimates.

Government’s Property Market Dilemma

  • Hong Kong’s economy is heavily reliant on property revenue, making real estate stabilization crucial.
  • Previous policy changes failed to stop the downturn, leading to this new tax cut targeting budget home buyers.

Summary:

  • Stamp duty cut to HK$100 for homes under HK$4M to revive the housing market.
  • Hong Kong home values have fallen 27% since 2021, struggling despite prior policy easing.
  • Government expects the move to help 15% of transactions, but market recovery remains uncertain.
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