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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 Watch: Key Trends Shaping This Earnings Season

As we delve into another earnings season, investors are keenly watching the performance of S&P 500 companies, with expectations set particularly high for the tech giants. Amid a robust stock rally since April, here are the pivotal themes poised to influence market dynamics.


The anticipation is palpable as analysts project a 9.3% earnings growth for S&P members, marking the most significant expansion since late 2021. This season kicks off with mixed results from leading banks, setting a complex stage for other sectors to follow.

Key Themes to Monitor:

  1. Diversified Growth: Beyond the tech-heavy hitters, the broader market looks promising as other sectors are expected to report their first earnings growth in over a year. This could shift focus from the usual tech dominators to a more diversified market landscape.
  2. Tech Slowdown: Despite the hype, the Magnificent 7 tech companies might see a slowdown, with profits expected to grow by 29%—a dip from last year’s 35%.
  3. Mixed Industry Outlooks: With low correlation across industries, this earnings season presents a unique opportunity for stock-picking, especially as different sectors forecast varying profit trajectories.
  4. China’s Economic Woes: Persistent challenges in China could continue to influence global markets, with implications for industries reliant on Chinese economic health.
  5. AI Investments: The AI sector remains a hot topic, with investments by major players under scrutiny for their potential impact on future returns.

Conclusion: This earnings season is set to be a litmus test for the resilience of corporate America amid fluctuating economic signals and geopolitical tensions. Investors should stay alert to the underlying trends that could shape market outcomes in the coming months.

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