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.
In a bid to connect with Generation Z and combat misinformation, Bank of England Governor Andrew Bailey made his debut on TikTok just hours after announcing the central bank’s first interest rate cut in four years. In an interview with personal finance influencer Abigail Foster, Bailey explained the Bank of England’s monetary policies, adopting a more approachable tone to engage younger audiences increasingly skeptical of traditional banking.
Bailey’s move is part of the central bank’s broader strategy to reach younger generations, many of whom are disconnected from financial institutions and rely on social media for news. The BOE has boosted its presence on platforms like Instagram, where it now has more followers than the European Central Bank, and has enlisted influencers such as Curtis and AJ Pritchard to launch new banknotes featuring King Charles III.
As misinformation about central banking circulates online, the BOE faces a challenge in controlling the narrative around its policies. Conspiracy theories, such as claims that central banks plan to control people’s money through digital currencies, are gaining traction on platforms like TikTok. The BOE's outreach efforts aim to provide accurate information and explain how its decisions impact inflation and inequality.
Bailey’s TikTok appearance garnered over 42,000 views, a promising start in the BOE’s quest to keep inflation expectations in check and engage a demographic that consumes most of its news through social media platforms.
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