News by M

As expected, Bank Negara Malaysia left its benchmark interest rate unchanged at 3% today at the its first Monetary Policy Committee meeting of the year.

Gain from one land sale has lifted Guocoland (M) Bhd’s net profit to RM110.8 million, or 16.54 sen per share, for the second financial quarter ended Dec 31, 2016.

The company is confident that it will achieve the 2017 target as it plans for 13 new launches (comprising mostly mass-market housing), with a combined gross development value (GDV) of RM2.35 billion this year.

This year will see all eyes — including property developers’ — on affordable housing priced between RM400,000 and RM500,000, said property consultancy firm CBRE | WTW.

Due to an oversupply, high-end strata properties particularly Small-office Home-office (SoHo) and Small-office Virtual-office (SoVo) units could see prices falling by at least 10% this year, according to property consultancy CBRE | WTW.

TA Securities Research has maintained its “Underweight” rating on the property sector, as “weak market sentiment, increasing supply and tight lending environment are expected to weigh on property sales”.

The research house said with the 21-day SMA line edging upwards, this suggests a likelihood of increasing demand in the near term.

The research house said that indicators wise, the MACD was below the 9-day moving average line with the sell signal remains intact.

Its quarterly revenue dropped 52.3% to RM73.95 million in 3QFY2017 from RM154.98 million a year ago.

Malaysia Building Society Bhd’s share price may consolidate after a strong price action.