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.
Stocks flat, yields hold firm after poor 30-year auction; Intel slides, Apple extends rebound
Wall Street took a breather Thursday after a blistering rally that pushed U.S. equities close to record highs. The S&P 500 ended flat, as a weak US$25B 30-year bond auction dimmed risk appetite and sent yields edging higher.
S&P 500: Flat
30-year Treasury yield: 4.83% (unchanged)
10-year yield: Up 2bps to 4.25%
USD Index: Steady
Chips Up, But Intel Down
Chipmakers gained overall, but Intel fell 3% after Trump called for its CEO’s resignation over China-linked conflicts. Meanwhile, Apple rose for a third session, extending its rebound to +8.5%.
Earnings Movers
Eli Lilly plunged 14% after lackluster weight-loss pill data
Apple (+3.18%) continued to rally on U.S. manufacturing plans
ConocoPhillips reported a mixed quarter amid steady oil
Market Risks Rising: Analysts Flag Overbought Conditions
With the S&P 500 up ~30% since April lows, several strategists warn of a possible pullback. August and September remain historically weak months, and valuation concerns are mounting.
"We’re seeing ‘air pockets’ ahead due to high headline risk,” said Janney’s Dan Wantrobski.
Fed Chair Watch: Waller in Focus, Miran Nominated
Christopher Waller is reportedly a top contender to replace Fed Chair Powell. Separately, Stephen Miran has been nominated to fill an expiring seat — signaling a potential policy shift under Trump's influence.
Jobs Softening, Inflation Risks Persist
Jobless claims surged to the highest since Nov 2021
Consumer inflation expectations ticked higher
Atlanta Fed’s Bostic still sees one cut in 2025 but warns tariff effects may linger
Trump Executive Orders Shake Financial Sector
President Trump signed:
Order allowing 401(k) plans access to private equity, crypto, and alternatives — unlocking potential inflows from US$12.5 trillion in retirement assets.
Order targeting “ideological discrimination” by banks, restricting access denial based on political leanings.
BOE Cuts Rates, Pound Climbs
The Bank of England cut rates to a 2-year low, surprising markets with a tight vote. Governor Andrew Baileywarned of “genuine uncertainty” ahead. The British pound strengthened post-announcement.
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