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Market Daily Report: Bursa Malaysia Ends Higher On Continued Bargain-hunting

KUALA LUMPUR, June 5 (Bernama) -- Bursa Malaysia closed higher, with the benchmark index rising 0.60 per cent as bargain-hunting persisted following the recent sell-off, despite weaker performances across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 10.17 points to 1,693.43 from Thursday's close of 1,683.26. The benchmark index opened 3.19 points higher at 1,686.45 and traded between 1,684.36 and 1,698.53 during the trading session. However, broader market sentiment remained negative, with losers outnumbering gainers 666 to 477. A total of 574 counters were unchanged, 958 untraded and 12 suspended. Turnover fell to 3.41 billion units worth RM3.04 billion from 3.47 billion units worth RM3.58 billion on Thursday.
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South Korea Prepares Support for E-Commerce Vendors Hit by Payment Delays

South Korea's financial authorities are set to provide at least 560 billion won (US$404.55 million) in liquidity support to small businesses impacted by recent payment delays from e-commerce platforms, the finance ministry announced on Monday.

Key Developments:

  1. Government Intervention:

    • The intervention follows an investigation into e-commerce firms TMON and WeMakePrice, owned by Singapore-based Qoo10, for failing to pay vendors.

  2. Official Statement:

    • Vice finance minister Kim Beok-seok emphasized the government's commitment to minimizing damage, stating, "The responsibility lies with the e-commerce platforms, but the government cannot just watch the situation."

  3. Support Measures:

    • The support will be provided mainly through low-interest policy loans for small businesses.
    • Additional measures include extensions for existing loan repayments and tax payments.

  4. Vendor Concerns:

    • TMON and WeMakePrice have stated they are working to minimize damage to customers and are informing them about ways to cancel credit card payments.
    • Lines of concerned customers were seen outside the offices of TMON and WeMakePrice in Seoul last week.

  5. Company Response:

    • Ku Young-bae, the South Korean founder of Qoo10, apologized for the delays and mentioned efforts to resolve the issue.
    • Missed payments have accumulated to approximately 210 billion won, according to government estimates.
    • Qoo10 reported customer damage of around 50 billion won but did not provide a detailed plan to address the vendor impact.

  6. Financial Commitment:

    • Qoo10 has informed financial authorities it would secure US$50 million to remedy the situation.

  7. Company Background:

    • Qoo10, founded in 2010 by Ku Young-bae, also operates in Japan, China, Hong Kong, Malaysia, and Indonesia.
    • Ku previously founded South Korean e-commerce platform Gmarket, which was sold to eBay in 2009.

The South Korean government's swift response aims to alleviate the financial strain on small businesses and vendors affected by the payment delays, while ongoing efforts by the involved companies seek to restore normal operations.

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