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.
Key Takeaway: G20 leaders have reached a consensus on voluntary climate finance contributions from developing nations, marking progress but leaving challenges unresolved ahead of COP29 and COP30. Highlights from the Rio Summit Voluntary Contributions Agreed: G20 leaders finalized a statement early Sunday acknowledging voluntary contributions from developing nations to climate finance. The agreement stops short of mandatory obligations , reflecting compromises between wealthy and developing nations. Focus on Climate Finance: Economists estimate that at least $1 trillion annually is needed to fund climate efforts in developing countries. Wealthy nations are pushing for richer developing countries, such as China and Middle Eastern oil producers , to contribute more. Broader Context G20's Role in Emissions: G20 countries account for 85% of global GDP and 80% of global emissions , placing them at the center of climate action. UN Secretary-General António Guterres called on G20 lead...