North Korea’s Warlike Preparations Affect Asia’s Property Market Badly

19 Sep 2017

Share prices of Malaysian firms trended downward after North Korea launched a new ballistic missile on 15 September in response to tougher UN sanctions.

According to Bloomberg, the FTSE Bursa Malaysia KLCI Index (FBMKLCI) dipped 0.06 points and lost 1.10 points to 1,780.27 as of 10:30am on Friday, 15 September.

The Business Times also reported that the stock prices of Singapore-listed companies slid 0.3 percent during the opening of the market with the Straits Times Index falling by 10.14 points to 3,210.81 as of 9am.

A total of around 49 million stocks with a combined value of S$77 million changed hands at an average price of S$1.57 apiece. Among the most actively traded were real estate developers Rowsley and CapitaLand.

According to South Korea’s Joint Chiefs of Staff, North Korea launched a ballistic missile over northern Japan for the second time in less than a month. The missile reached a height of 770km and travelled 3,700km before it landed in the Pacific Ocean.

Before the launch, Nikkei Asian Review reported that stock prices of Malaysia-listed firms dropped on Wednesday (13 September), likewise for Singapore-listed companies led by property developers.

It noted that Singapore’s FTSE Straits Times index dipped by 0.2 percent to 3,230.36. In particular, CapitaLand set the pace of decline after it fell by 0.8 percent, while Capitaland Mall Trust posted a drop of 0.9 percent among the real estate investment trusts (REITs).

At the same time, FTSE Bursa Malaysia KLCI slid 0.2 percent to 1,786.07 points, with Genting Malaysia recording the largest loss of 2.54 percent.


Image sourced from Quartz.


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