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Monday, September 12, 2011

IJM Land leads property stocks lower

IJM Land Bhd fell to a one-year low, leading Malaysian property developers lower after the industry was cut to “market weight” from “overweight at UOB- Kay Hian Holdings Ltd, which said the property valuation cycle has peaked.

IJM Land slid 2.1 percent to RM2.29 at midday, set for its lowest close since Sept. 13, 2010.

UOA Development Bhd lost 1.3 percent to RM1.49 and Mah Sing Group Bhd dropped 0.9 percent to RM2.20.

SP Setia dropped 3.1 percent to RM3.50.

By Bloomberg

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