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.
China is preparing to reduce taxes for home purchases in major cities, aiming to stimulate its struggling housing market, according to sources. The plan would allow cities like Shanghai and Beijing to cut the deed tax for homebuyers to as low as 1% (from a current rate of up to 3%), providing much-needed relief to potential buyers. The proposal, hinted at by Finance Minister Lan Fo’an , reflects Beijing’s push to use fiscal tools to bolster the economy. Lan pledged to implement “ more forceful fiscal policies ” next year, following a recent 10 trillion yuan debt swap for local governments. In addition to reducing the deed tax, regulators may also remove the distinction between ordinary and luxury homes , potentially lowering purchase costs for those looking to upgrade their properties. The property market has been struggling with a multi-year downturn, wiping out billions in household wealth and heightening deflationary concerns. October’s residential property sales rose for the f...