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.
Howard Marks, co-chairman and co-founder of Oaktree Capital Management LP, expects US interest rates to stabilize between 3% and 4% after the Federal Reserve (Fed) begins its anticipated easing cycle. Speaking at a conference in Melbourne, Marks stated that while the Fed will likely lower rates from the current "emergency" levels of 5.25% to 5.5%, he does not foresee rates returning to near-zero levels as seen in previous years. Key Insights from Marks' Remarks: Fed Rate Cuts and Expected Range: Marks anticipates the Fed will reduce rates into the "threes" range, but believes they will remain there and not return to extremely low levels of 0.5% or 1%. Market Expectations: His outlook aligns with market pricing, where futures traders expect rate reductions to pause around the 3% range. There is some disagreement in the market over the pace of these cuts, with some expecting a 50 basis point reduction and others anticipating a quarter-point decrease at the upcomin...