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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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US Airline Stocks Rally as Southwest and American Airlines Lift Forecasts

U.S. airline stocks surged in afternoon trading after Southwest Airlines (LUV) and American Airlines (AAL) raised their fourth-quarter earnings forecasts, signaling optimism in the travel sector.

Key Stock Movements

  • Southwest Airlines (LUV): Up 2.7%, now forecasting Q4 revenue per available seat mile (RASM) to rise 5.5%–7%, up from the earlier estimate of 3.5%–5.5%.
  • American Airlines (AAL): Jumped 16%, revising its adjusted earnings per share (EPS) outlook to $0.55–$0.75, compared to its earlier range of $0.25–$0.50.

Broader Airline Sector Performance

  • Delta Air Lines (DAL), United Airlines (UAL), Alaska Air Group (ALK): Shares rose between 1.5% and 4% in morning trading.
  • S&P 1500 Airlines Index: Climbed 3%, reaching its highest level since June 2021.

JetBlue's Forecast

  • JetBlue Airways (JBLU): Revised its 2024 revenue outlook with a smaller dip expected as domestic travel demand rebounds. Despite the update, JetBlue’s stock fell 0.98% as of 1:19 p.m. ET.

Market Impact

The raised forecasts reflect growing confidence in domestic travel demand and improving operating conditions, with airlines poised to benefit from a resilient travel market in the fourth quarter.

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