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.
India’s new monetary policy committee (MPC) may be preparing the groundwork for an interest rate cut on Wednesday as global central banks shift towards easing, and growth in India's economy moderates. While most economists expect the Reserve Bank of India (RBI) to keep its repo rate unchanged at 6.5% , several anticipate a switch to a neutral stance , a move that would pave the way for a potential rate cut by December. The meeting is the first under a new MPC following the appointment of three external members, who are expected to align with RBI’s current views, at least initially. Governor Shaktikanta Das has resisted rate cut calls due to concerns over high food prices and inflation staying above the 4% target . However, favorable monsoon rains and projections of a bumper harvest are boosting expectations of easing inflation, putting pressure on the RBI to follow global trends, particularly as the US Federal Reserve and other central banks begin to pivot. HSBC economists ...