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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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Taiwanese Banks Halt Facebook Ads Amid Scam Surge

Key Takeaway: Major Taiwanese banks, led by Mega Financial Holding Co, are suspending their Facebook advertising due to concerns over rampant financial scams on the platform.

In a bold move, Taiwanese banks are pulling ads from Meta Platforms Inc’s Facebook, citing the platform's failure to effectively combat a surge in online investment scams, which predominantly target the region's ageing population.

Highlights of the Move:

  1. Mega Financial’s Decision

    • Mega Financial Holding Co has stopped Facebook advertising after spending NT$16 million (RM2.20 million) annually.
    • Chairman Ray Dawn emphasized the need for Facebook to prioritize scam prevention, especially given cases where fraudsters impersonated banks.

  2. Joint Action by Banks

    • Ten local banks, including Shanghai Commercial & Savings Bank Ltd (SCSB), have joined the campaign to halt ads.
    • SCSB confirmed its participation but did not disclose its Facebook ad spending.

  3. Impact on Meta

    • The collective action by Taiwan’s financial institutions could influence other markets to exert financial pressure on social media platforms failing to address scams.

  4. Scam Statistics in Taiwan

    • In July, 97.9% of reported scam cases involved fraudulent ads on Facebook, compared to just 2.1% on Google, according to the Ministry of the Interior.
    • Online investment scams are the leading cause of financial loss in Taiwan.

  5. Government Regulations

    • In 2023, Taiwan implemented new laws requiring online platforms to remove fraudulent ads, reflecting the growing urgency to protect citizens from financial fraud.

Why It Matters:

This coordinated withdrawal of advertising highlights growing dissatisfaction with how platforms like Facebook handle online fraud. If Taiwanese banks' actions encourage similar steps globally, Meta and its peers may face mounting pressure to enhance scam prevention measures and rebuild trust with advertisers.

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