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.
At 5pm, the KLCI closed at 1,768.16 points. Hong Leong Bank shares rose 56 sen to RM16.30 to become Bursa Malaysia's top gainer.
Bursa Malaysia gainers outnumbered decliners at 420 against 361 respectively. A total of 1.49 billion shares valued at RM1.69 billion were traded.
Malaysian shares rose today as Asian markets remained cautious after North Korea fired a missile that landed in Japanese waters yesterday.
In Malaysia today, TA Securities Holdings Bhd senior technical analyst Stephen Soo told theedgemarkets.com that "there are still concerns across Asian markets over North Korea’s missile testing."
Reuters reported that Asian share markets inched back into the black on Wednesday as investors wagered the latest flare-up of tensions on the Korean peninsula would fade away like so many others.
MSCI's broadest index of Asia-Pacific shares outside Japan regained 0.3 percent, half the losses suffered Tuesday when North Korea fired the missile.
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