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.
Donald Trump’s 25% tariffs on steel and aluminum imports went into effect today, escalating the ongoing global trade war . The move, coupled with fresh tariff threats, has sparked fresh market volatility and further tensions with Canada and the EU . Key Highlights : Tariff Drama : After a day of back-and-forth threats, Trump’s tariffs on steel and aluminum imports officially kicked in. This comes as Canada and the EU retaliated, with the EU planning duties on over $28 billion worth of American goods. U.S.-Canada Tensions : Trump’s latest tariff threat was aimed at Canada , intensifying already strained trade relations. However, Trump downplayed the risk of a recession caused by the tariffs while hinting at more levies in the future. Market Reaction : Following the tariff drama, U.S. equity markets experienced some stabilization after the chaos left traders ...