KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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...