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.
The Wall Street Journal (WSJ) reported yesterday that the FBI and Justice Department gather information about bank’s role in transactions at Malaysia fund.
The inquiries are at the information-gathering stage, and there is no suggestion of wrongdoing by the bank, the people said. Investigators “have yet to determine if the matter will become a focus of any investigations into the 1MDB scandal,” a spokeswoman for the FBI said.
The widening scandal—investigators in five countries are now looking into 1MDB—highlights the sometimes risky path that Goldman has cut in emerging markets in search of faster growth.
1MDB is now entangled in accusations of billions of dollars of missing money, putting it at the center of a political crisis for Malaysian Prime Minister Najib Razak, who oversees the fund. Malaysian government investigators earlier this year traced $700 million into Mr. Najib’s alleged bank accounts through agencies, banks and companies linked to 1MDB, The Wall Street Journal reported in July. Malaysia’s anticorruption agency later said the funds came from an unspecified Middle East donor.
The government investigation hasn’t detailed what happened to the funds that went into the prime minister’s alleged personal accounts. Transactions around the fund are under investigation by the FBI and Justice Department, as well as authorities in Malaysia, Singapore, Hong Kong and Switzerland.
1MDB and Mr. Najib didn’t reply to requests for comment. Mr. Najib has denied any wrongdoing or taking money for personal gain. 1MDB has said money was paid out properly to fulfill the fund’s financial obligations and that it would cooperate with any investigations.
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