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.
Malaysian equities opened stronger, with the FBM KLCI climbing as much as 0.8% to 1,697 , driven by gains in banking and technology stocks. However, falling oil prices dragged energy counters lower , highlighting sector divergence. Banks and Tech Lead the Market Market momentum was supported by: CIMB Group Holdings rising over 3% Malaysian Pacific Industries surging 7% Renewed optimism in AI and growth sectors , following strong global tech sentiment and the ripple effects from the SpaceX-driven market excitement . Oil Drop Hits Energy Stocks Energy counters underperformed as oil prices declined after progress in US-Iran peace talks: Dialog Group fell over 5% Stocks rose because lower oil prices reduce inflation and Fed risks , but this simultaneously pressures energy sector earnings . Macro Risks Cap Upside Despite the rebound, analysts see limited upside for the KLCI: Resistance expected around...