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.
The outlook for the banking sector remains positive , with RHB Investment Bank projecting 6% net profit growth in 2025. The sector has shown resilience, driven by strong earnings and attractive dividend yields. RHB maintains an OVERWEIGHT stance , favoring banks with solid earnings delivery and growth potential. Key Highlights: Positive Earnings Growth : The sector posted a 10% growth in full-year earnings, despite a slight dip in the fourth quarter due to seasonal effects on net interest margins ( NIM ), non-interest income, and operating expenses. Top Picks : RHB Research continues to favor AMMB Holdings as a top pick, with a recent shift in preference between CIMB Group and Alliance Bank Malaysia , following CIMB's share price dip, which is seen as a buying opportunity . Quarterly Performance: Despite a 3% quarter-on-quarter dip in profits, mainly due to seaso...