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 Malaysian Real Estate Investment Trusts (M-REITs) have achieved a 7% year-to-date increase on the Bursa Malaysia REIT Index , according to the Malaysian REIT Managers Association (MRMA) . This growth has been attributed to peaking global benchmark interest rates and strong earnings growth fueled by sound fundamentals. The announcement was made at the MRMA's fourth REIT Forum , which was attended by Deputy Investment, Trade and Industry Minister Liew Chin Tong . Leong Kit May , Chair of MRMA and CEO of Axis REIT Managers Bhd , noted that M-REITs' commercial sub-sectors were bolstered by government policies, including the 30-day visa exemption for visitors from China and India . In the first half of 2024, tourism arrivals grew by 30% , and tourism receipts increased by 50% compared to the same period last year. Additionally, the industrial property sub-sector has benefited from stable occupancy rates and rising foreign direct investments (FDI) . Johor Bahru has em...