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.
German consumer sentiment is set to tumble in December , with the GfK/NIM index dropping to -23.3 points , down from -18.4 in November. This marks the lowest level since May and reflects rising pessimism about income prospects due to reports of job cuts and relocation of production abroad. Major companies, including Bayer , Volkswagen , and Thyssenkrupp , have announced layoffs , while bankruptcies are on the rise. Analysts expected a milder dip to -18.6 , but the steep decline highlights growing challenges in Europe’s largest economy, which is forecast to shrink by 0.2% in 2024 —its second consecutive year of contraction. The collapse of Germany's ruling coalition and upcoming snap elections in February have further heightened uncertainty, prompting households to increase savings , according ...