News about b

In a trading stocks note on Monday, the research house said the stock broke past the 54 sen resistance as the bullish momentum is picking up.

RHB IB said many local institutional funds have yet to take a meaningful position in the property sector.

On Friday, Scientex and S P Setia said in a Bursa filings that the deal to purchase the freehold 960-acre land in Tebrau was terminated due to non-fulfilment of the conditions precedent within the extended completion period.

The JV — Inneonusa Sdn Bhd — is 51%-owned by TM, 39%-owned by UEM and 10% by IIB.

It saw over 100 million shares traded, indicating investors' avid interest in the company due to its huge land bank in Johor, which is seen as a hotspot for the property sector due to upcoming high-value transit developments such as the Johor-Bahru Singapore Rapid Transit System and the formation of the Johor-Singapore Special Economic Zone (SEZ) in the state.

In a brief Facebook statement on Thursday, Penang Chief Minister Chow Kon Yeow said that Tan Sri Tan Kok Ping had used his capacity as the Penang Chinese Chamber of Commerce's life honorary president to have a press conference on an agreement for a proposed development project between Penang Development Corp (PDC) and Umech Land Sdn Bhd.

The property sector stood out as the second best performing sector on Bursa Malaysia in 2023 as the KL Property Index recorded an impressive return of 34.

The research house said that if a breakout occurs, the stock will likely advance towards the 52-week high level at the 29 sen resistance, followed by 35.

RHB IB outlined potential project awards for the first half of 2024, encompassing flood mitigation projects, the Penang Light Rail Transit (LRT), Pan Borneo Highway Sabah's Phase 1B, and the reinstatement of five LRT3 stations.

The tax at a rate of 5% to 10% (previously known as the luxury tax) will come into effect in May.