KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Singapore is turning up the heat on short-term property speculation. In a coordinated move on Thursday night, the Ministry of National Development , Ministry of Finance , and the Monetary Authority of Singapore (MAS) announced new cooling measures for the private residential property market — extending the seller’s stamp duty (SSD) period and hiking rates significantly. Effective July 4 , anyone selling a private residential property within four years of purchase will face higher SSD rates , with the steepest penalty — 16% — now applying to properties sold within the first year , up from 12% previously. Updated Seller’s Stamp Duty Rates (Effective July 4) Holding Period Previous SSD New SSD Up to 1 year 12% 16% >1 year – up to 2 years 8% 12% >2 years – up to 3 years 4% 8% >3 years – up to 4 years 0% 4% Beyond 4 years 0% 0% The government cited a “ sharp rise ” in short-term flipping ...