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Market Daily Report: Bursa Malaysia Closes Lower Amid Renewed West Asia Tensions

 KUALA LUMPUR, July 9 (Bernama) -- Bursa Malaysia closed lower on Thursday as renewed geopolitical tensions in West Asia weighed on investor sentiment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 5.97 points, or 0.36 per cent, to 1,677.64 from Wednesday's close of 1,683.61. The benchmark index opened 2.62 points lower at 1,680.99, and moved between 1,676.18 and 1,683.80 throughout the session. However, market breadth was slightly positive, with gainers leading losers 533 to 504, while 547 counters were unchanged, 1,112 untraded, and 12 suspended. Turnover slipped to 2.64 billion units valued at RM2.19 billion from 2.96 billion units valued at RM2.18 billion on Wednesday.
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Japan’s Tax Reforms Hit Snag as Opposition Rejects Income Threshold Plan

Japan’s ruling coalition failed to gain the support of a key opposition party, threatening Prime Minister Shigeru Ishiba’s ability to pass the 2025 state budget and tax reform bills through parliament.

Key Highlights

1. Income Tax Threshold Dispute

  • Proposed Threshold: The ruling Liberal Democratic Party (LDP) and coalition partner Komeito suggested raising the tax-free income threshold from ¥1.03 million to ¥1.23 million, the first adjustment since 1995.
  • Opposition’s Demand: The Democratic Party for the People (DPP) is pushing for a much higher threshold of ¥1.78 million to better address rising living costs.
  • DPP’s Stance: "With the planned ¥1.23 million threshold, there is no way for us to support the state budget," said DPP lawmaker Yuichiro Tamaki.

2. Revenue Implications

  • Proposed Hike Impact:
    • LDP's plan: Reduce tax revenue by ¥700 billion.
    • DPP’s demand: Estimated revenue reduction of ¥8 trillion, exacerbating Japan’s significant public debt.

3. Broader Tax Reform Measures

  • The coalition’s tax reforms also include:
    • Corporate and Tobacco Tax Increases: Set to begin in April 2026 to fund defence spending.
    • Defence Spending Target: Doubling to 2% of GDP by 2027, a continuation of former Prime Minister Fumio Kishida’s commitment.

4. Legislative Challenges

  • The ruling coalition lost its majority in the October snap election, leaving it reliant on opposition parties like the DPP to pass key legislation.
  • Next Steps: The cabinet is expected to approve the tax reform framework next week, forming the basis for the 2025 state budget.
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