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.
The Bank of Japan (BOJ) is expected to raise interest rates again in January 2024 , according to Eiji Maeda , a former executive director responsible for monetary policy at the BOJ. Maeda, now president of the Chibagin Research Institute, said the timing would likely coincide with the bank’s next economic projections, about six months after the July rate hike . Maeda identified three key factors the BOJ will monitor: the US presidential election , trends in service prices this fall, and momentum in the lead-up to next year’s wage talks . Depending on these developments, the hike could be moved to December or March , though the chances of a move in October are very low, he added. New Prime Minister Shigeru Ishiba has indicated the economy isn’t ready for a hike now, but Maeda believes this will not prevent the BOJ from pursuing its gradual tightening path, as Ishiba is aligned with the central bank’s approach. The BOJ ended its massive easing program in March, followed by another r...