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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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UK Finance Minister: We Will Need to Raise Taxes in October Budget

 

New British finance minister Rachel Reeves has announced the need to raise taxes in her upcoming October 30 budget, confirming the anticipated move following a recent revelation of a £22 billion (RM130.41 billion) budget shortfall.

Key Points:

  • Tax Increase Announcement: Reeves stated the necessity of tax hikes during an interview with The News Agents podcast, marking her first explicit confirmation of the move since assuming office after the Labour Party's election victory on July 4.
  • Budget Shortfall: Earlier this week, Reeves highlighted a £22 billion shortfall in this year's budget, necessitating difficult decisions.
  • Tax Details: While specifics on which taxes will be raised were not disclosed, Reeves reiterated her commitment to not increase rates on income tax, National Insurance, value-added tax, and corporation tax.
  • Spending Cuts: The announcement of tax increases follows £13.5 billion in spending cuts over the next two years, revealed on Monday. Reeves attributed these cuts to what she described as the previous Conservative government's obfuscation of the true state of public finances.
  • Political Context: The Conservative Party, which had been in power for the past 14 years, denied these allegations, asserting that Labour had always intended to raise taxes.

Reeves' comments solidify expectations of upcoming fiscal adjustments as she navigates the complexities of managing the UK's public finances in her new role.

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