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Market Daily Report: Selective Buying Of Defensive Stocks Lifts Bursa Malaysia Higher At Close

 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.
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Schwab Strategist Warns Credit Markets May Be Overly Optimistic

Kathy Jones, Chief Fixed Income Strategist at Charles Schwab, is raising concerns about the tight spreads in US corporate bonds, which are near 25-year lows. Speaking at Bloomberg Intelligence's credit conference, Jones remarked, “The market is priced as if nothing will ever go wrong,” highlighting potential risks in the current environment.

Calm Before the Storm?

  • No imminent disaster predicted, but complacency is a concern.
  • Possible market disruptions include President-elect Donald Trump’s policies and the Federal Reserve’s rate path.
  • “It’s a good time to take a step back and assess the risks,” Jones advised.

Volatility Risks Loom

Barclays’ Meghan Graper noted that Trump’s return to office could bring market turbulence similar to his first term, where his tweets frequently moved markets.

  • Potential impact: Borrowing costs may rise as investors seek "insulatory premiums" against uncertainty.
  • Despite risks, Barclays projects $1.65 trillion in high-grade bond issuance for 2025, reflecting robust demand.

Key Takeaway

While credit markets remain resilient, experts urge caution amid potential volatility. For investors, it may be a time to review portfolios and remain vigilant as macroeconomic and political factors evolve.

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