Hot stocks: Property plays slip into negative territory upon ABSD hike

PROPERTY counters in Singapore started Thursday (Apr 27) largely in the red after the government stepped up Additional Buyer Stamp Duty (ABSD) rates for residential properties.

After falling S$0.29 or 4 per cent to S$7.03 at the opening bell, City Developments continued its downward trajectory to trade at S$6.88 as at 2.51 pm, down S$0.44 or 6 per cent.

UOL Group lost S$0.38 or 5.3 per cent to hit a low of S$6.81 as at 11.50 am, recovering slightly after the midday break to S$6.89 – down S$0.32 or 5.3 per cent as at 2.51 pm.