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.
Hong Kong Exchanges & Clearing Ltd (HKEX) posted a 7% increase in third-quarter profit, driven by a jump in investment income . The exchange reported a net income of HK$3.145 billion (US$405 million) , slightly above the consensus estimate of HK$3.113 billion, according to a survey of analysts by Bloomberg. The results are expected to improve further in the fourth quarter after China implemented a series of stimulus measures in late September, which boosted trading volumes . Average daily volumes surged to about HK$300 billion , more than double the yearly average, supported by Hong Kong’s interest rate cuts that bolstered investor confidence. HKEX's CEO Bonnie Chan remarked that the vibrancy of Hong Kong's markets was evident in late September, with investor sentiment improving after economic stimulus announcements from mainland China and monetary easing by major central banks. HKEX's share price has jumped nearly 30% since the Chinese market support measures wer...