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.
Egypt is conducting a comprehensive survey to evaluate the impact of its sweeping economic reforms on its population, working closely with the International Monetary Fund (IMF) to ensure the most vulnerable are protected, according to the IMF’s regional head. The $8 billion IMF loan program , implemented to stabilize Egypt's economy amid a foreign-exchange crisis, has triggered significant changes, including currency devaluations and sharp price increases in fuel, bread, and electricity. These measures have placed additional pressure on the Egyptian population of over 106 million , many of whom are struggling with the economic fallout. During IMF Chief Kristalina Georgieva's upcoming visit to Cairo in early November, discussions will focus on Egypt’s social protection programs , aimed at mitigating the effects of these reforms. The new survey will likely reveal the impact of two years of economic strain caused by devaluations and price hikes on household spending, provid...