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.
Tariff Reduction Backdated to August The United States has lowered tariffs on auto imports from the European Union (EU) to 15%, retroactive to Aug 1, formalizing the terms of a framework trade agreement struck earlier this summer. The Department of Commerce and the Office of the US Trade Representative published details of the tariff adjustments on Wednesday, which include reductions across a range of goods. Boost for German Carmakers Shares of German automakers rose in Frankfurt following the announcement. Porsche AG, which relies entirely on imports to the US and was among the hardest hit by the higher duties, gained as much as 3.8%. Volkswagen AG and Mercedes-Benz Group AG also advanced on expectations of stronger US sales momentum under the revised tariff regime. Scope of Exemptions The new tariff schedule includes exemptions for key sectors such as aircraft, aircraft parts, generic pharmaceuticals and ingredients, along with certain metals and ores. Most revised duties apply ...