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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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Asia Stocks Climb as Fed Rate Cut Bets Surge; Dollar Slips Against Yen

Market Mood: Risk-On

Asian markets rallied for the second straight session as traders bet big on Fed rate cuts, following disappointing US job data and political drama at the US labor office.

  • MSCI Asia ex-Japan: ▲0.6%

  • Nikkei 225: ▲0.5% (bouncing back from its steepest fall in 2 months)

  • Dollar vs Yen: ▼0.1% to ¥146.96

  • Fed Rate Cut Odds (Sept): ↑ to 94% (from 63% on July 28)

Fed in Focus

Markets are now pricing in two quarter-point cuts by year-end.

“Maybe not in September, but certainly this year,” said NAB’s Rodrigo Catril, as parts of the US economy show weakness.

Adding fuel to the fire:

  • Trump fired the head of US labor stats after weak payroll data.

  • He’ll also get to appoint a new Fed governor, raising fears of politicized rate policy.

Oil & Commodities Check

  • Brent Crude: Flat at US$68.76

  • US Crude: ▼0.02% at US$66.28

  • Spot Gold: ▲ slightly to US$3,381.4/oz

  • Bitcoin: Holding gains at US$114,866.06

Oil prices are stuck as Opec+ supply increases battle with geopolitical jitters over Russia and potential disruptions.

Corporate Earnings Still Driving Sentiment

US tech stocks are roaring again:

  • Nvidia, Alphabet, Meta: All surged overnight

  • Palantir: Raised FY forecast again, citing AI-driven demand

  • Upcoming earnings: Eyes on Walt Disney and Caterpillar

Japan’s Service Sector Surprises

  • S&P Global Services PMI: ↑ to 53.6 in July (vs. 51.7 in June)
    → Strongest expansion since February

Global Futures Snapshot

  • Euro Stoxx 50: ▲0.2%

  • DAX: ▲0.3%

  • FTSE: ▲0.4%

  • S&P 500 e-minis: ▲0.2%

Takeaway

Global markets are riding the wave of dovish Fed expectations and robust tech earnings, even as tariff threats and political tension linger. Asia is following Wall Street’s lead with cautious optimism, while the yen strengthens and oil wobbles under supply pressure.

Risks to Watch

  • Trump’s India tariff threats

  • US labor and Fed governance shake-up

  • Fed timing: Will they cut in September or wait till Q4?

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