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Market Daily Report: Selective Buying Of Defensive Stocks Lifts Bursa Malaysia Higher At Close

 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.
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Market Daily Report: Noon Market - KLCI stays above 1,700 level

Good news for the Malaysian market today as the benchmark index was up above the 1,700 point level at the midday break.
At midday, FBM KLCI was at 1,704.51
At 12.30pm, the FBM KLCI was up 11.08 points to 1,704.51. 
Gainers led losers by 396 to 282, while 321 counters traded unchanged. Volume was 962.89 million shares, valued at RM1.02 billion.
The top gainers included Nestle (M) Bhd, British American Tobacco (M) Bhd, Scientex Bhd, Kuala Lumpur Kepong Bhd, Panasonic Malaysia Manufacturing Bhd, Batu Kawan Bhd, Ta Ann Holdings Bhd, Petronas Gas Bhd, CIMB Group Holdings Bhd, TAHPS Group Bhd, MISC Bhd and Genting Malaysia Bhd.
The actives incuded Inix Technologies Bhd, APFT Bhd, EKA Noodles Bhd, Chin Hin Group Bhd, Vivocom International Holdings Bhd, Ranhill Holdings Bhd and CIMB.
The losers included Hap Seng Consolidated Bhd, Huat Lai Resources Bhd, Ajinomoto Malaysia Bhd, Globetronics Technology Bhd, Lingkaran Trans Kota Holdings Bhd, Syarikat Takaful Malaysia Bhd, Power Root Bhd and Allianz Malaysia Bhd.
Asian shares were up across the board after the news that U.S. Federal Reserve reduced the number of interest rate hikes expected this year, according to Reuters.
Reuters reported that with this news from US, there is a higher potential for more money to continue flowing into commodities and equities, rather being lured by higher U.S. interest rates, boosted crude oil and emerging market stocks.
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