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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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Amazon to Invest £8 Billion in UK for AWS Expansion

 

Amazon.com Inc. announced plans to invest £8 billion (US$10.5 billion) in the UK over the next five years to expand its cloud business, Amazon Web Services (AWS). This move adds to Amazon's ongoing efforts to grow its presence in Europe and provides a significant boost to Britain's new Labour government.

Key Takeaways:

  1. Significant Economic Impact: The investment by AWS in data centers is expected to support up to 14,000 jobs and contribute £14 billion to the UK’s gross domestic product (GDP) between 2024 and 2028. This expansion is part of Amazon's broader global strategy, with similar investments in countries like Germany, Mexico, the US, Saudi Arabia, and Singapore this year.

  2. Boost for the UK Government's Economic Goals: The announcement is a positive development for Chancellor of the Exchequer Rachel Reeves, who aims to stimulate the UK's economic growth and address fiscal challenges. The investment reflects confidence in the UK as a business-friendly environment, supporting the government’s agenda to create jobs and attract foreign investments.

  3. Competitive Landscape in Cloud Services: As the world’s largest provider of cloud computing services, AWS continues to face fierce competition from rivals like Microsoft, which is also expanding globally. Amazon’s commitment to invest heavily in its cloud infrastructure underscores its strategy to maintain its leadership position in the growing cloud market.

The UK is preparing to host an international investment summit on October 14, and this announcement is expected to bolster its appeal as a prime destination for global investors.

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