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.
Copper prices edged lower on Friday, influenced by worries over demand in China, the world's top consumer. However, market sentiment was buoyed by stronger-than-expected US economic data, raising hopes for a potential September interest rate cut by the Federal Reserve.
Key Points:
- Copper Prices: Three-month copper on the London Metal Exchange (LME) fell 0.1% to US$9,112 per tonne. The most-traded September copper contract on the Shanghai Futures Exchange rose 0.9% to 74,350 yuan (US$10,259.13) per tonne.
- US Economic Data: The US economy grew faster than expected in Q2, driven by robust consumer spending and business investment. Inflation pressures eased, supporting expectations of a potential rate cut by the Federal Reserve in September.
- Dollar Index: The dollar index, which measures the US dollar against six major currencies, remained steady at 104.35.
- Market Outlook: BMI, a unit of Fitch Solutions, noted that a decline in US dollar strength later in the year would support base metal prices.
Other Metals Performance:
- LME:
- Lead: Up 0.7% to US$2,042 per tonne.
- Zinc: Up 0.07% to US$2,683 per tonne.
- Tin: Up 1% to US$29,700 per tonne.
- Nickel: Up 0.7% to US$15,905 per tonne.
- Aluminium: Up 0.5% to US$2,282.50 per tonne.
- Shanghai Futures Exchange (SHFE):
- Aluminium: Up 0.4% to 19,265 yuan per tonne.
- Nickel: Up 0.6% to 126,640 yuan per tonne.
- Lead: Down 0.5% to 18,775 yuan per tonne.
- Tin: Up 0.5% to 248,600 yuan per tonne.
- Zinc: Up 0.1% to 22,710 yuan per tonne.
The market continues to weigh the impact of China's demand outlook against the backdrop of improving US economic conditions.
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