KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
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 f...