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.
Despite President Donald Trump’s latest wave of tariffs — targeting US$3.2 trillion worth of imports — the S&P 500 remains close to record highs. Tariff Shock? Not Really Effective average tariff rate has jumped from 2.5% to 16% this year — a 6x increase , says UBS Chief Economist Jonathan Pingle . This could reduce U.S. GDP by 0.7 percentage points over four quarters — or even 1% if tariffs jump to 21% . Yet markets remain calm. Why Investors Aren’t Panicking Investors expect Trump’s “escalate to de-escalate” strategy — suggesting that most tariffs won’t stick. UBS believes that extended deadlines offer room for last-minute trade deals . An effective tariff ceiling around 18% is seen as manageable vs. a feared 21%. Earnings Reflect the Tension S&P 500 earnings growth forecasts have dropped to mid/high single digits , from mid-teens . 90...