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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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Fed Rate-Cut Bets Weigh on Dollar; Asian Stocks Pause Rally

 Key Highlights:

  • Dollar Weakness: USD hits two-week low as traders price in September Fed rate cut

  • Rate Cut Odds: 100% chance priced for September cut; 50bps cut probability rises to 7% from 0% last week

  • Equities: MSCI Asia ex-Japan near highest since Sep 2021; Nikkei dips after six-day rally above 43,000

  • Bitcoin Surge: Hits all-time high of US$124,002.49 (+32% YTD)

  • Gold & Oil: Gold +0.5% to US$3,371; oil recovers after two-month low

Market Moves:
Asian stocks paused after a strong rally, with Japan, Korea, and Taiwan slightly lower, while China and Hong Kong gained. Global equity sentiment remains upbeat, following record closes for the S&P 500, Nasdaq, and MSCI All Country World Index.

Monetary Policy Outlook:

  • US Treasury Secretary Scott Bessent flagged a possible 50bps cut in September, citing weak labour data from May–July

  • Goldman Sachs projects three 25bps cuts in 2025 and two more in 2026

  • Analysts caution that upcoming CPI and payrolls data will be key in determining the Fed’s decision

Crypto & Commodities:

  • Bitcoin: Record high on Fed easing optimism and financial reforms; Ethereum +41% YTD, near Nov 2021 peak

  • Gold: Gains on rate-cut bets

  • Oil: Slight rebound ahead of Trump–Putin summit; Goldman sees limited Russia supply disruption despite geopolitical risks

Geopolitics:

  • Trump warns of “severe consequences” if no Ukraine peace deal with Putin, hints at second meeting with Zelenskiy

  • Recent tariffs: Extra 25% duty on Indian exports over Russian oil imports; possible similar move on China

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