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.
Despite the downgrades, OPEC's forecasts remain more optimistic than those of Wall Street banks and other trading houses. OPEC’s estimates also stand at the upper end of projections made by Saudi Aramco and are nearly double the growth expected by the International Energy Agency (IEA).
OPEC, led by Saudi Arabia, is delaying plans to restore 2.2 million bpd of halted production until December, citing concerns about slowing growth in China and rising supplies from the Americas. Market observers like JPMorgan Chase & Co. and Citigroup Inc. are skeptical that OPEC will move forward with the planned output increase.
Additionally, the report noted that Iraq has made some progress in cutting output but remains above its agreed quota. Kazakhstan and Russia are also producing above their respective limits, undermining the coalition's efforts to stabilize oil prices, which currently hover around $77 per barrel. The OPEC+ alliance will meet on Dec. 1 to review its output policy for 2025.
source: Bloomberg
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