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New Straits Times
4 days ago
- Business
- New Straits Times
Penang extends housing discount to all buyers after criticism
GEORGE TOWN: The Penang government has agreed to extend the five per cent housing discount to all buyers of completed but unsold properties, classified as overhang units. This came after the state was criticised for only offering the housing discount to the Indian Muslim community. Chief Minister Chow Kon Yeow said the state executive council (Exco) meeting today unanimously agreed to expand the five per cent discount provision to all buyers for the purchase of overhang properties. "The discount is valid for a period of one year under the MADANI Ownership Campaign (MOC) and limited to participating developers registered with the Penang State Housing Board (LPNPP). "It will focus on identified unsold units, with relevant information to be obtained from the National Property Information Centre (NAPIC)," he told newsmen at a press conference here today. Chow said there are currently 2,729 overhang properties in the state for all categories of housing. The figure was as of the first quarter of this year. According to NAPIC, the overhang properties valued at RM2.04 billion. About half of the overhang properties' value comprised properties above RM1 million. Prior to this, Chow had instructed state Housing Committee chairman Datuk Seri S. Sundarajoo to review the housing discount policy for Indian Muslims, with the aim of expanding it to all buyers. He said this was to ensure the housing discount policy was more inclusive and benefitted all segments of society, in line with principles of social justice.
Focus Malaysia
5 days ago
- Business
- Focus Malaysia
Bursa Malaysia closes lower amid foreign outflow, heightened middle east tensions
BURSA Malaysia closed lower on Tuesday amid foreign fund outflows as investors weighed the escalating Israel-Iran tensions following US President Donald Trump's call for immediate evacuation of Tehran, analysts said. At 5 pm, the FBM KLCI dropped 8.35 points, or 0.54 per cent, to 1,511.64 from Monday's close of 1,519.99. The benchmark index opened 1.17 points lower at 1,518.82 and fluctuated between 1,510.92 and 1,520.89 throughout the trading session. Market breadth was negative, with 538 decliners outpacing 353 gainers, while 494 counters were unchanged, 1,031 untraded and 22 suspended. Turnover expanded to 3.03 bil units worth RM1.92 bil compared with Monday's 2.83 bil units valued at RM2.04 bil. —June 17, 2025
Malaysian Reserve
5 days ago
- Business
- Malaysian Reserve
Bursa Malaysia rebounds to close higher in line with regional markets
KUALA LUMPUR — Bursa Malaysia recovered its earlier losses to close marginally higher, supported by renewed optimism in the data centre segment and a sectoral rotation into defensive plays, as investors positioned cautiously amid heightened geopolitical tensions. The rebound is in tandem with most regional markets performance, with investors anxiously awaiting several central banks' meetings this week, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.88 points, or 0.12 per cent, to 1,519.99 from last Friday's close of 1,518.11. The benchmark index, which opened 0.24 of-a-point lower at 1,517.87, moved between 1,512.26 and 1,521.38 throughout the trading session. Market breadth was negative, with decliners thumping gainers 612 to 321, while 509 counters were unchanged, 973 untraded and 21 suspended. Turnover narrowed to 2.83 billion units worth RM2.04 billion compared with Friday's 2.88 billion units valued at RM2.06 billion. UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research Mohd Sedek Jantan said the FBM KLCI performance today signalled continued resilience in Malaysia's domestic economy. Gains were led by technology and utilities counters, particularly those with strong domestic exposure. 'Today's market performance also mirrored patterns observed during the onset of the Russia–Ukraine conflict, with plantation and energy stocks driving sectoral gains on Bursa Malaysia. 'This reflects a broader shift towards commodities and inflation-sensitive sectors in times of geopolitical uncertainty,' Mohd Sedek told Bernama. Despite these risks, he added that the regional equity markets broadly rebounded, underpinned by an improved macroeconomic outlook in the United States. Meanwhile, SPI Asset Management managing director Stephen Innes said today's market activity appeared more like rotation rather than panic selling. Local funds were favouring lower-risk regional exchanges — those with deeper liquidity and larger defence companies — as geopolitical hedging becomes an integral part of their strategy. 'Bursa Malaysia lagged behind other markets initially, but by the close, it managed to hold up relatively well,' said Innes. Among the energy-related heavyweights, Tenaga firmed 6.0 sen to RM14.36, Petronas Gas rose 12 sen to RM17.96, Petronas Chemicals ticked up 7.0 sen to RM3.40, and MISC climbed 8.0 sen to RM7.58. For other heavyweights, Maybank was 11 sen lower at RM9.59, Public Bank eased 2.0 sen to RM4.23, CIMB shed 7.0 sen to RM6.75, and IHH Healthcare was 1.0 sen better at RM6.91. Among the most actively traded stocks, MYEG shaved 2.5 sen to 93 sen, Tanco eased half-a-sen to 95.5 sen, while Thrive Property Group, NexG, Velesto Energy, and Reservoir Link Energy added half-a-sen each to 1.5 sen, 35.5 sen, 19 sen, and 36 sen respectively. On the index board, the FBM Emas Index slid 9.39 points to 11,360.79, the FBMT 100 Index fell 5.69 points to 11,138.35, but the FBM Emas Shariah Index increased 44.13 points to 11,373.66. The FBM 70 Index declined 85.25 points to 16,283.46 and the FBM ACE Index dropped 15.38 points to 4,471.81. Sector-wise, the Energy Index advanced 11.40 points to 752.16 and the Plantation Index surged 129.35 points to 7,350.27. The Financial Services Index slipped 147.25 points to 17,501.00 and the Industrial Products and Services Index trimmed 0.22 of-a-point to 151.13. The Main Market volume narrowed to 1.25 billion units valued at RM1.80 billion from 1.37 billion units worth RM1.81 billion registered at Friday's close. Warrants turnover expanded to 1.35 billion units worth RM171.62 million versus 1.16 billion units valued at RM151.36 million previously. The ACE Market volume dwindled to 228.89 million units valued at RM74.30 million against 359.88 million units worth RM97.50 million on Friday. Consumer products and services counters accounted for 210.90 million shares traded on the Main Market, industrial products and services (166.96 million), construction (85.22 million), technology (165.43 million), SPAC (nil), financial services (68.42 million), property (132.48 million), plantation (19.66 million), REITs (27.72 million), closed end fund (27,000), energy (207.16 million), healthcare (61.74 million), telecommunications and media (33.36 million), transportation and logistics (38.82 million), utilities (33.58 million), and business trusts (1,300). — BERNAMA
New Straits Times
5 days ago
- Business
- New Straits Times
Bursa Malaysia rebounds to close higher in line with regional markets
KUALA LUMPUR: Bursa Malaysia recovered its earlier losses to close marginally higher, supported by renewed optimism in the data centre segment and a sectoral rotation into defensive plays, as investors positioned cautiously amid heightened geopolitical tensions. The rebound is in tandem with most regional markets performance, with investors anxiously awaiting several central banks' meetings this week, an analyst said. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.88 points, or 0.12 per cent, to 1,519.99 from last Friday's close of 1,518.11. The benchmark index, which opened 0.24 of-a-point lower at 1,517.87, moved between 1,512.26 and 1,521.38 throughout the trading session. Market breadth was negative, with decliners thumping gainers 612 to 321, while 509 counters were unchanged, 973 untraded and 21 suspended. Turnover narrowed to 2.83 billion units worth RM2.04 billion compared with Friday's 2.88 billion units valued at RM2.06 billion. UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research Mohd Sedek Jantan said the FBM KLCI performance today signalled continued resilience in Malaysia's domestic economy. Gains were led by technology and utilities counters, particularly those with strong domestic exposure. "Today's market performance also mirrored patterns observed during the onset of the Russia–Ukraine conflict, with plantation and energy stocks driving sectoral gains on Bursa Malaysia. "This reflects a broader shift towards commodities and inflation-sensitive sectors in times of geopolitical uncertainty," Mohd Sedek told Bernama. Despite these risks, he added that the regional equity markets broadly rebounded, underpinned by an improved macroeconomic outlook in the United States. Meanwhile, SPI Asset Management managing director Stephen Innes said today's market activity appeared more like rotation rather than panic selling. Local funds were favouring lower-risk regional exchanges -- those with deeper liquidity and larger defence companies -- as geopolitical hedging becomes an integral part of their strategy. "Bursa Malaysia lagged behind other markets initially, but by the close, it managed to hold up relatively well," said Innes.
Focus Malaysia
5 days ago
- Business
- Focus Malaysia
Bursa Malaysia rebounds to close higher in line with regional markets
BURSA Malaysia recovered its earlier losses to close marginally higher supported by renewed optimism in the data centre segment and a sectoral rotation into defensive plays, as investors positioned cautiously amid heightened geopolitical tensions. This is in tandem with most regional markets, with investors awaiting several central banks' meetings this week, an analyst said. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) recovered 1.88 points, or 0.12 per cent, to 1,519.99 from last Friday's close of 1,518.11. The benchmark index, which opened 0.24 of-a-point lower at 1,517.87, moved between 1,512.26 and 1,521.38 throughout the trading session. Market breadth was negative, with decliners thumping gainers 612 to 321, while 509 counters were unchanged, 973 untraded and 21 suspended. Turnover narrowed to 2.83 billion units worth RM2.04 bil compared with Friday's 2.88 billion units valued at RM2.06 bil. ‒ June 16, 2025
