KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
The Malaysian government unveiled a series of tax incentives aimed at reviving the Forest City special financial zone , including a 0% to 5% corporate tax rate and 0% tax for family offices. These measures are designed to attract international capital , businesses , and high-net-worth individuals to the area. Finance Minister II Datuk Seri Amir Hamzah Azizan announced a 15% personal income tax rate for knowledge workers and Malaysians who choose to work in Forest City, along with a 0% tax rate for family offices . The government aims to have the scheme operational by the first quarter of 2025 . The incentives are part of a broader effort to position Forest City, a 1,400-hectare development in Johor , as a hub for global financial services , financial technology , and foreign payment system operators . Forest City, which was declared a special financial zone in August 2023, has experienced slower-than-expected growth and currently houses a small fraction of its target 700,000 pop...