KUALA LUMPUR: Bursa Malaysia ended sharply lower with selling pressure seen across the board as investors reacted negatively to the one-off Prosperity Tax tabled during Budget 2022, dealers said.
At 5 pm, the benchmark FTSE Bursa Malaysia KLCI dropped 31.39 points, or 2.01 per cent, to 1,530.92 from Friday's close of 1,562.31.
Turnover rose to 3.47 billion units valued at RM3.23 billion from Friday’s 3.03 billion units valued at RM2.35 billion. "However, we believed the valuation of the local market remained attractive despite the Prosperity Tax as compared to regional peers."For the week, we expect the benchmark index to consolidate further, with immediate support at 1,520 followed by the psychological support at around 1,500 while resistance at 1,550 and then 1,580,” he told Bernama.
Japan’s Nikkei 225 increased 2.61 per cent to 29,647.08, the Singapore’s Straits Times Index added 0.66 per cent to 3,219.35 and South Korea’s Kospi improved 0.28 per cent to 2,978.94, but Hong Kong’s Hang Seng Index fell 0.88 per cent to 25,154.32. Sector-wise, the Industrial Products and Services Index eased 4.65 points to 202.14, the Plantation Index lost 75.41 points to 6,713.41, and the Financial Services Index tumbled 431.94 points to 15,157.27.
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