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.
Asian stock markets saw gains on Monday, while regional currencies dipped as investors weighed China's stimulus measures and turned their attention to upcoming monetary policy decisions in Indonesia, Thailand, and the Philippines.
China's announcement to "significantly increase" debt to support its economy lacked clarity on the overall stimulus size, leading to cautious optimism. Shanghai stocks rallied by 1.7%, while the yuan weakened by 0.2%.
In South Korea, the won fell by 0.4%, and the Malaysian ringgit dipped 0.2% as the US dollar extended its gains. Singapore stocks added 0.5%, although the Singapore dollar edged lower after the Monetary Authority of Singapore kept its monetary policy unchanged, citing economic growth in the third quarter.
This week’s focus shifts to rate decisions in Indonesia, Thailand, and the Philippines, with the Bangko Sentral ng Pilipinas expected to cut rates by 25 basis points to support growth. Bank Indonesia (BI) is likely to pause its rate cuts after surprising markets with a reduction last month, although analysts note potential for further cuts depending on currency stability.
While the rupiah traded slightly up, the peso dipped 0.3%. Regional equities remained broadly higher, tracking gains from Wall Street last week, with stocks in Seoul, Jakarta, and Manila rising between 0.5% and 1%. Markets in Thailand were closed for a public holiday.
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