Property counters down amid concern about the impact on sector
GOVERNMENT plans to crack down on excessive property speculation took the wind out of investors’ sails yesterday afternoon and sent the Straits Times Index (STI) lower.
On the first trading session of the week, the market had opened sluggishly as it took its cue from Wall Street’s weaker close last Friday, but it recovered in late morning trading.
But National Development Minister Mah Bow Tan’s announcement at lunchtime of measures to dampen any brewing property speculation hit sentiment dramatically.
He had said the scheme in which developers absorb the interest would be axed, while the confirmed list of land sales would be re-started, meaning a regular supply of sites and relieving the pressure on prices.
The news sent the market to its day-low of 2,631.48 points about half an hour before the end of the trading session, before it rallied slightly to 2,639.74 points. That was 41.29 points, or 1.54 per cent, down from last Friday and the lowest level since Sept 4.
Of the 30 STI component stocks, 24 were losers, three were unchanged and three were gainers. Continue reading
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