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 UK government faces a growing risk of losing corporate trust following last month’s budget, warned Rupert Soames , chair of the Confederation of British Industry (CBI) , at the organization’s annual conference. Soames cautioned that businesses were blindsided by rising employment costs and could sour on the Labour government within the next six to 12 months unless decisive action is taken. Key Concerns Higher Employment Costs : The budget introduced £40 billion (US$50 billion) in new taxes, with much of it tied to an increase in national insurance , a payroll levy. Impact on Trust : Soames emphasized that while trust isn't entirely lost, Labour has “ground to regain” to restore corporate confidence. “That jelly, once it sets, will be really hard to shift,” he warned. Business Sentiment Investment Concerns : Salman Amin, CEO of Pladis Foods Ltd (maker of McVitie’s and Jacob’s crackers), said the UK ...