The Star

Published: Monday October 26, 2009 MYT 12:54:00 PM

FBM KLCI in the red at mid-day

KUALA LUMPUR: The FBM KLCI was down at mid-day, with major losses seen in property stocks following the annoucement of the imposition of capital gains tax on property last Friday

At 12.30pm,the FBM KLCI was down 5.26 points to 1,261.84. IJMLand lost 12 sen to RM2.37, SP Setia shed 6 sen to RM3.82 while E&O was down 8 sen to RM1.18.

"It's a negative for the sector as it would curb buying interst," Citigroup said today, of the tax imposition.

The government announced Friday that it would impose a 5% capital gains tax on property disposal from next year in order to bolster revenue.

Elsewhere in the region, Tokyo’s Nikkei 225 climbed 50.59 points to 10,333.58 while Hong Kong’s Hang Seng Index advanced 379.21 to 22,589.73

At Bursa Malaysia, 124 counters were up, 434 were down while 183 others were traded unchanged.

There were 398 million shares done at RM286 million.

Crude palm oil 3-month futures were down RM13 to RM2,225 per tonne.

Nymex crude oil shed 79 cents to US$79.71 per barrel.

The ringgit was quoted at 3.38 to the US dollar.
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Ask the pharmacist

Sometimes i wonder if the reporter knows what is he/she writing about. Do he or she understand the stock market?

Today 26/10/2009 is the public holiday for Hong Kong, to celebrate Chung Yeung Festival, so there is no trading today. The 379 points advance is on last Friday.... Market breath negative today.