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 housing market may not be booming yet — but Wall Street is betting on a rebound. On Tuesday, homebuilders and furniture stocks surged after PulteGroup and D.R. Horton reported better-than-expected Q2 results. And while revenues still declined year-over-year, they beat analyst expectations , sparking renewed optimism. Let’s break down what happened and what it could mean for your portfolio: The Numbers That Moved the Market $DHI (D.R. Horton) : → Revenue : $9.23B vs $8.75B expected → Net Income : $1.02B vs $887.8M expected → 🔺Stock jumped 17% $PHM (PulteGroup) : → Revenue : $4.4B vs $4.38B expected → Profit : $608.5M vs $591.4M expected → 🔺Stock climbed 12% And they weren’t the only winners: $LEN (Lennar) : +8.3% $KBH (KB Home) : +8.8% $BLDR (Builders FirstSource) : +7.3% Furniture names : → $RH: +9.3%, $W (Wayfair): +7.1%, Lovesac: +2.8% A Hint of Recovery? What’s really fueling the rally? Not a surge in demand , bu...