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.
Wall Street started the week on shaky ground. While the S&P 500 hit a historic milestone, closing above 6,300 for the first time, the rally lost steam, ending the day up just 0.1%.
Key Drivers:
Earnings Watch:
All eyes are on tech titans like Tesla & Alphabet, kicking off earnings season this week. Guidance will be critical as AI spending and margins take center stage.
Tariff Tensions:
US President Trump may issue new tariff letters before Aug 1, increasing market unease.
Energy & Chips Dip:
Oil and chipmakers reversed gains; Nvidia pulled back after strong early momentum.
Market Moves:
S&P 500: +0.1%
30-Year Treasury Yield: ↓ to 4.95%
USD: Fell vs major currencies
Yen: Strengthened as Japan's PM vows to stay despite political setbacks
What Analysts Say:
🗨️ "Valuations are high, but tech giants still lead with strong cash flows, growth, and AI upside." – Treasury Partners
🗨️ "Bull market stays intact; use volatility to re-enter." – UBS
🗨️ "We’re seeing fatigue... but trend favors a rally, not a drop." – Nationwide
Looking Ahead:
Investors expect more clarity from earnings, while the AI megatrend continues fueling optimism. But with the S&P trading at 22x forward earnings, the margin for error is thin.
Comments
Post a Comment