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 government anticipates raising an extra RM5 billion by broadening the sales and service tax (SST) scope starting May 1, 2025, according to Finance Minister II Datuk Seri Amir Hamzah Azizan . The expanded SST will increase revenue projections to RM51.7 billion , compared to RM46.7 billion currently forecast for 2025. To prevent impacting low-income groups, essential food items will be exempt from sales tax. The expanded service tax will focus on business-to-business (B2B) services , such as fee-based financial services for businesses, excluding individual consumers. Prime Minister Datuk Seri Anwar Ibrahim earlier revealed that the sales tax would apply mainly to non-essential imported goods, including premium items like salmon and avocados . Amir emphasized that SST expansion will proceed progressively to avoid undue public burden, with ongoing stakeholder consultations to finalize details. Part of the SST revenue will support cash assistance programs for the public.