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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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Turkey Introduces 10% Minimum Corporate Tax to Address Budget Deficit

Turkey will implement a 10% minimum corporate tax starting in 2025 as part of efforts to reduce its budget deficit. According to a decree by the Treasury and Finance Ministry, the domestic minimum tax for corporate earnings will not fall below 10% before deductions and exemptions.

This move is part of a fiscal consolidation strategy led by Treasury and Finance Minister Mehmet Simsek, who has been focused on simplifying tax laws and reducing the scope of tax deductions and exemptions since taking office after last year's election. The government has revised its 2025 budget deficit forecast down to 3.1% of GDP, from an earlier estimate of 3.4%, with a 2024 deficit expected at 4.9%.

Key changes in the new tax code include a 30% tax rate on earnings from build-operate-transfer and public-private-partnership projects, the removal of real estate sales tax exemptions, and a requirement for funds to distribute at least 50% of real estate revenues as dividends to qualify for tax exemptions.

These measures are seen as crucial to supporting Turkey’s fight against inflation and ensuring fiscal discipline.

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