hi, may i know how does the contra charges work out? how can i get the figure calculated? thx

I presumed you are using Maybank2U platform, so please post enquiry in the existing thread. http://forum.lowyat.net/topic/399536/+180

There is no such thing of contra charges, just commission charges. Contra just means you sell off before payment date.

i'm not using maybank2u, it was going thru a maybank securities' remiser.
and there is contra charges stated exactly on the statement i received.
i assume the commission that you mentioned was brokerage fees, right?

and here's the figures that work out.

no. of units: 30000
buy price: 0.505
sell price: 0.535

buying price = (no. of units * buy price) + 0.6% brokerage + contract stamp + 0.03% clearing fees = RM15261.45
selling price = (no. of units * sell price) - 0.6% brokerage - contract stamp - 0.03% clearing fees = RM15931.88
gross profit = 670.43

suppose the profit gaining is RM670.43, but since this is a contra gain, i was further deducted a contra charges at RM4.20, so the nett contra gain is only RM666.23

i'm wondering how was the contra charges being calculated and what is the formula to get RM4.20.

thanks

This post has been edited by guest.123: May 31 2009, 12:15 PM

The only thing that I can guess is that you sell the contra late aka beyond T+3, so the 4.20 could be the interest charge.

So when did you sell it?

Investment houses won't charge so called 'contra charges', haven't seen it before nor it is allowed to do so by SC or KLSE, if not mistaken.

Commission charges, yes,
Interest on outstanding charges, yes.

This post has been edited by d8kd: Jun 9 2009, 10:08 PM

T+3 beyond afternoon 12.30pm? (which is cut off point of considered outstanding).

You can (or better) check with your investment brokers, surely they got some explaination.