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.
China’s factory activity unexpectedly deteriorated in July, with the official manufacturing PMI dropping to 49.3 from June’s 49.7, marking its weakest reading in three months and signaling a contraction despite the recent tariff truce with the US. The figure missed economists’ median forecast of 49.7, raising fresh concerns over the durability of the country’s economic momentum. Key Data: Manufacturing PMI: 49.3 (vs. 49.7 in June; est. 49.7) Non-Manufacturing PMI: 50.1 (vs. 50.5; est. 50.2) Construction Input Prices: 54.5 (vs. 48.3), driven by rising steel and building material costs. Market Reaction: CSI 300 Index: Down ~1% after the release. China Government Bonds: Futures rose as investors sought safety. Drivers Behind the Slowdown: Weak Exports: Early signs that shipments are slowing despite front-loading ahead of tariffs. Soft Domestic Demand: Consumer spending remains tepid amid persistent uncertainty. Seasonal & Weather Di...