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.
Key Takeaway: Beijing and Shanghai have announced new tax incentives to stimulate home purchases, aiming to revive China's struggling property sector , which has long been a key driver of economic growth. Facing a persistent slowdown in the property market, Beijing and Shanghai have introduced value-added tax exemptions for homeowners selling properties held for over two years. The cities also raised the threshold for deed tax exemptions to properties larger than 140 square meters, up from 90 square meters. These measures follow recent nationwide tax breaks on home and land transactions , reflecting an urgent need to stabilize a market that once contributed nearly a quarter of China’s GDP . Despite these efforts, property stocks remain under pressure , with China’s real estate share index down 1% this week, and Hong Kong-listed mainland developers showing little movement. Analysts caution that broader consumer and investor confidence issues continue to weigh on the market. Add...