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.
Wall Street's main indexes fell on Wednesday, as rising US Treasury yields and losses in McDonald's and Coca-Cola impacted investor sentiment. The 10-year Treasury yield climbed to a three-month high, raising concerns over the potential size of future Federal Reserve interest-rate cuts , as strong economic data suggests a less dovish stance from the central bank. "When you get a 10-year Treasury yield at 4.25%, it pressures the stock market, slowing down the rally and causing some nervousness," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Rate-sensitive growth stocks were among the hardest hit, with Nvidia down 1.8% and Apple slipping 0.5%. The tech-heavy Nasdaq saw a 0.47% decline, while the S&P 500 and Dow Jones also fell by 0.34% and 0.57%, respectively. McDonald's slumped 6.1% following an E. coli outbreak linked to its Quarter Pounder hamburgers, which resulted in one death and multiple illnesses, dragging down the Consume...