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Market Daily Report: Selective Buying Of Defensive Stocks Lifts Bursa Malaysia Higher At Close

 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.
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Citi Shuts Most UAE Branches as Banks Evacuate Staff Amid Escalating War

Global  banks  are  scaling  back  operations  in  the  Gulf  as  the  Iran  conflict  deepens,  with  Citibank  temporarily  closing  most  of  its  UAE  branches  and  evacuating  staff  from  key  financial  districts. Citi  Closes  UAE  Branches  Until  March 14 Citibank   will  shut  most  of  its  branches  and  financial  centres  across  the  United  Arab  Emirates  through  March 14  as  a  precautionary  measure. Mall  of  the  Emirates  branch  remains  open Reopening  planned  for  March 16 Citiphone  services  operating  at  limited  capacity Cheque  processing  expected  to  face  delays Earlier  this  we...
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US Bank Stocks Surge as Trump’s Deregulation Promises Boost Investor Confidence

Shares of major US banks, including Goldman Sachs, JPMorgan, and Citigroup, soared after Donald Trump’s election win, with investors optimistic about tax cuts and deregulation under his administration. Trump has pledged to reduce the corporate tax rate from 21% to as low as 15% and eliminate excessive regulations—a contrast to Kamala Harris’s tax-raising plans. Goldman Sachs rose 13%, with JPMorgan up 12% and Citigroup up 8%, hitting multi-year highs. An ETF tracking major bank stocks also saw its best rise in four years. Analysts predict a friendlier regulatory environment that could lift bank profitability, particularly through increased dealmaking and capital markets activity. Trump’s return could also disrupt the Basel capital rules, with speculation that he may reduce capital requirements for US banks, according to Bloomberg Intelligence. Wells Fargo’s Mike Mayo noted this could lead to a “capital markets super-cycle” as deal activity rises. On the global front, European...
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Citi Settles Unfair Dismissal Case with Former Asia Desk Trader

Citigroup Inc. has settled an employment lawsuit with Ian Weir , a former sales trader for its Asia-Pacific markets, following a ruling that he was unfairly dismissed by the bank. Weir, based in London, had claimed he was scapegoated for the bank's regulatory failures in executing stock trades for clients in Asia over a decade. The case was settled before a London tribunal could determine compensation for Weir. Details of the settlement were not disclosed , but both parties agreed to withdraw the claim. Weir’s lawyers had successfully argued that his dismissal in June 2021 for gross misconduct was unfair, while Citi denied the claims, stating it had a reasonable belief that Weir’s actions led to a serious breakdown of trust and confidence . The lawsuit followed Citi's HK$348 million fine by Hong Kong's securities regulator in 2022 for misleading clients in stock trades between 2008 and 2018.
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