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.
Southeast Asian leaders urged for a speedy agreement on a code of conduct for the South China Sea, grounded in international law, while demanding an immediate halt to violence in Myanmar and the start of inclusive peace talks to end its civil war.
The call was part of the ASEAN chairman's statement, reflecting the consensus of the 10-member Association of Southeast Asian Nations (ASEAN) following meetings that concluded on Friday in Laos. These meetings included key diplomats from the United States, Russia, China, Japan, India, and South Korea.
Rising confrontations in the South China Sea, particularly between China and ASEAN members like the Philippines and more recently Vietnam, have intensified concerns. China claims almost the entire waterway, a vital passage where US$3 trillion in trade flows annually.
ASEAN’s statement emphasized the need for confidence-building measures to reduce risks of accidents and miscalculations in the South China Sea. It also noted "positive momentum" in discussions for a maritime code of conduct, a long-standing issue since 2002, with formal talks only starting in 2017. The bloc expressed hope for the early conclusion of an effective code in line with international law, including the 1982 UN Convention on the Law of the Sea.
On the escalating conflict in Myanmar, ASEAN called for an immediate cessation of violence and the creation of an environment conducive to humanitarian aid and national dialogue. The ongoing war between Myanmar's military government and armed resistance forces remains a major issue for the bloc, which has seen limited success in advancing its five-point peace plan following the 2021 coup.
ASEAN also welcomed Thailand's initiative to host informal talks on Myanmar later this year, involving other ASEAN members, in hopes of progressing toward peace.
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