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.
Chinese Premier Li Qiang and Saudi Crown Prince Mohammed Bin Salman held a meeting in Riyadh on Wednesday to discuss deepening cooperation across several sectors, including energy, investment, and trade, according to the Saudi state news agency, SPA.
During the meeting, Li urged both Beijing and the Gulf Cooperation Council (GCC)—which includes Saudi Arabia and the United Arab Emirates (UAE)—to accelerate negotiations on a free trade agreement. This statement was made in a meeting with GCC Secretary General Jasem al-Budaiwi, as reported by Chinese state news agency Xinhua.
The SPA reported that al-Budaiwi emphasized the need to move forward and finalize the trade talks "in the near future." However, free trade negotiations have stalled due to Saudi Arabia's concerns over low-cost Chinese imports. Sources told Reuters in May that the talks were at an impasse, with Saudi Arabia worried that a flood of cheaper Chinese products could undermine its plans to develop domestic industries.
China and the GCC, which also includes Qatar, Kuwait, Oman, and Bahrain, began free trade negotiations nearly 20 years ago. In the meeting, Premier Li stressed the importance of expanding the scale of bilateral trade and deepening cooperation in traditional sectors such as oil, gas, and petrochemicals, as well as in emerging fields like new energy and the green economy, according to a statement from China’s Foreign Ministry.
Saudi Arabia expressed its willingness to collaborate closely with China on multilateral affairs to ensure peace, security, and stability in the region and beyond.
Later on Wednesday, Premier Li Qiang arrived in Abu Dhabi, where he is scheduled to meet with UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum, as confirmed by the Foreign Ministry.
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