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Market Daily Report: Bursa Malaysia's Key Index Rebounds 0.27 Pct On Heavyweight Buying

KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing.  On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion.   Dealers said that investors were cautious following geopolitical developments in Asia. 
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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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