Malaysian shares ended 0.27 percent higher on Thursday, lifted by gains in property and construction stocks, dealers said. The rise was a response to the government watering down the real property gains tax, they said. The 5.0 percent levy will only be imposed on properties sold within five years of purchase.
Prime Minister Najib Razak said the government decided on the policy as it wants to see stronger growth in the property sector next year. The Kuala Lumpur Composite Index edged up 3.41 points to 1,263.94. Gainers outnumbered losers 340 to 208. They said, however, the bourse will continue to consolidate in the 1,255-1,265 points band Monday.
"The index will continue to consolidate within a tight range as most people are away on their year-end holidays," a dealer told Dow Jones Newswires. Among gainers, health service provider KPJ gained 7.0 percent at 5.99 ringgit, construction firm IJM Corp rose 1.9 percent at 4.40 while property developer SP Setia added 1.6 percent at 3.74.
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