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.
Asian markets eased on Tuesday as investors stayed cautious ahead of this week’s Federal Reserve symposium in Jackson Hole, while European futures ticked higher on fresh diplomatic signals in the Russia-Ukraine conflict.
Asia Market Moves
Japan’s Nikkei hit a new intraday record high before pulling back, closing 0.5% lower.
SoftBank shares plunged 5% after announcing a US$2 billion investment in Intel, dragging the index.
MSCI Asia-Pacific (ex-Japan) dipped 0.2%, following mild losses on Wall Street overnight.
Oil prices slipped: US crude fell 0.2% to US$63.29.
Gold inched higher at US$3,334.9/oz, showing safe-haven demand.
European Futures Higher
Optimism rose after Ukrainian President Volodymyr Zelenskiy said security guarantees for his country may be finalized within 10 days following talks with US President Donald Trump and European leaders.
Euro Stoxx 50 futures +0.3%
German DAX futures +0.2%
FTSE futures +0.3%
Meanwhile, NATO Secretary General Mark Rutte described Trump’s meeting with Zelenskiy and European leaders as “very successful.”
Trump also said he had spoken with Russian President Vladimir Putin and is arranging a trilateral summit with Putin and Zelenskiy after their separate talks.
Focus on Jackson Hole
The Fed’s Jackson Hole Symposium (Aug 21–23) is the week’s biggest event. Fed Chair Jerome Powell will discuss the economic outlook and monetary policy framework on Thursday.
Markets are betting heavily on a rate cut next month:
83.6% chance of a 25 bps cut at the Sept 17 FOMC meeting, according to CME FedWatch.
Analysts say a dovish tone could lift stocks further and weaken the dollar.
Currencies Snapshot
USD/JPY: steady at ¥147.78
EUR/USD: flat at US$1.1658
Dollar Index: edged up to 98.171 after a 0.2% gain
Bottom Line for Investors:
Markets are moving cautiously ahead of Powell’s speech, with traders balancing rate-cut hopes against geopolitical developments. While Asian stocks pulled back, European markets are showin
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