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.
Treasury secretary-general Tan Sri Mohd Irwan Siregar Abdullah said Prime Minister Datuk Seri Najib Razak is set to announce the revisions to Budget 2016 on January 28.
He assured the press and the public that the government will not cut the salaries of two million civil servants in the tweaks.
"The prime minister will announce the revised budget on January 28... let’s wait for his announcement to see what the details are," he said at the launch of the World Bank's office in Kuala Lumpur today.
The revision was necessary as the current economic climate had changed significantly from when the Budget 2016 was tabled. Back then, the oil was $48 per barrel but the oil price has now fallen to below US$33 per barrel.
The Ringgit has also weakened compared to back then.
He assured the press and the public that the government will not cut the salaries of two million civil servants in the tweaks.
"The prime minister will announce the revised budget on January 28... let’s wait for his announcement to see what the details are," he said at the launch of the World Bank's office in Kuala Lumpur today.
The revision was necessary as the current economic climate had changed significantly from when the Budget 2016 was tabled. Back then, the oil was $48 per barrel but the oil price has now fallen to below US$33 per barrel.
The Ringgit has also weakened compared to back then.
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