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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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Taxation and Government Aid Crucial to Malaysia's Fiscal Stability

The Ministry of Finance (MOF) emphasized that tax collection and government subsidies, incentives, and assistance are significant components of Malaysia's fiscal position.

Key Points:

  • Fiscal Focus:

    • Deputy Finance Minister Lim Hui Ying highlighted the importance of focusing on tax collection and government aid to capitalize on Malaysia's current stable fiscal position.

  • Revenue and Expenditure:

    • Tax collection contributed approximately RM229 billion, or 72.8%, of the government's revenue of RM315 billion for 2023.
    • Government subsidies, incentives, and assistance amounted to around RM80 billion, or 19.7%, of the total government expenditure of RM406 billion.

  • Targeted Subsidies:

    • Lim stated that targeted diesel subsidies are expected to save the government RM4 billion per year, strengthening the fiscal position and reducing aid leakage.

  • GST Implementation:

    • The government currently does not plan to implement the Goods and Services Tax (GST).
    • The focus will be on improving the existing tax system and introducing non-disruptive taxation for vulnerable groups before considering new consumption taxes like the GST.
    • The GST will be considered when the economic environment is suitable, particularly regarding inflation impact from subsidy rationalization.

  • Addressing Tax Revenue Loss:

    • In response to a supplementary question from Datuk Mohd Isam Mohd Isa (Barisan Nasional-Tampin) on combating tax revenue loss due to smuggling, Lim said the government is committed to resolving these issues.
    • An e-invoicing system will be introduced in August for companies with annual sales of RM100 billion to ensure appropriate revenue collection.
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