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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 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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