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.
Index Movements:
Nasdaq Composite: ▲ +0.3% to 20,730.49 (New Record High)
Dow Jones Industrial Average: ▲ +0.5% to 44,254.78
S&P 500: ▲ +0.3% to 6,263.70
Macro Overview: Markets Rally on Tame Inflation and Trump’s Clarification
U.S. equity markets ended higher Wednesday, led by another record close for the Nasdaq Composite, as investors digested softer inflation data and President Trump’s denial of plans to fire Fed Chair Jerome Powell.
Markets wobbled midday following reports that Trump asked Republicans about removing Powell due to dissatisfaction over interest rate policy. However, Trump later clarified:
"We're not planning on doing it... unless he has to leave for fraud."
Investors also welcomed tamer wholesale inflation:
June PPI eased to 2.3% YoY, down from 2.7% in May, moving closer to the Fed’s 2% target.
This bolsters the case for a potential rate cut, lifting investor sentiment.
Movers of the Day: Mega-Cap and Sector Action
The “Magnificent Seven” saw mixed performance:
Tesla (TSLA) led gains (+3.5%) on news of a new 6-seater model for China and increased stake by Cathie Wood’s ARK Funds.
Amazon (AMZN) and Meta (META) slipped 1.4% and 1.1% respectively.
Top Gainers:
Rigetti Computing (RGTI): ▲ +30.1%
Unveiled largest quantum system; reported 50% reduction in gate-error rates.
BTCS Inc (BTCS): ▲ +21.3%
Surged after $100M raise to acquire Ethereum; +105.7% since July 7.
Crypto Rally:
Bit Digital (BTBT): ▲ +19.5%
Circle (CRCL): ▲ +19.4%
Galaxy Digital (GLXY): ▲ +16.7%
Supported by a 2.3% gain in Bitcoin (BTC) to $119,161.
Notable Losers:
SolarEdge (SEDG): ▼ -8.8%
Downgraded by JPMorgan post expiration of green tax credits.
Enphase Energy (ENPH): ▼ -3%
ASML Holding (ASML): ▼ -8.3%
Warned of zero growth in 2026 due to tariff headwinds.
USA Rare Earth (USAR): ▼ -8.2%
Pulled back after Tuesday’s 31.1% rally; MP Materials (MP) announced $500M magnet deal with Apple.
Takeaway for Investors
Markets remain on edge amid inflation dynamics, Fed policy signals, and tariff noise. While macro volatility continues, AI, digital infrastructure, and quantum computing themes are gaining traction among bullish investors.
Meanwhile, crypto stocks remain hot, tracking capital flows into Ethereum and BTC gains.
Watchlist: TSLA, RGTI, BTCS, ASML, SEDG, USAR
Stay tuned as the Fed enters blackout mode ahead of the July 29–30 meeting. Market expectations remain cautious, but a dovish pivot could spark further risk-on rallies.
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