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.
Key Takeaway: The South Korean won, one of Asia’s worst-performing currencies, faces further depreciation risks as Trump’s potential tariffs and macroeconomic challenges weigh on its outlook. The South Korean won hit 1,410.70 per dollar last week, its weakest since November 2022, amid fears that US President-elect Donald Trump may impose tariffs on Korean goods . Analysts predict the won may decline an additional 0.7%, adding to this year’s 7.7% drop . Factors Driving Weakness: Export Dependence: South Korea’s exports, particularly semiconductors critical for AI , are vulnerable to scrutiny as the US is its second-largest trading partner after China. Macro Pressures: Rising US bond yields and foreign selling of Korean stocks have further weakened the currency. Key companies, such as Samsung Electronics , reported disappointing earnings, spurring equity outflows . Market Outlook: Bank of America Securities expects the won to hover near 1,400 per dollar through 2024, underperf...