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.
MALAYSIA's REVISED BUDGET 2016, GDP FORECAST TO 4% - 4.5% Malaysia's Prime Minister Najib Razak had made the announcement on the recalibrated Budget 2016, to better reflect the current economic climate, given that oil price had dropped to the $30 dollar range. This was in comparison to the $48 USD assumption when the budget 2016 was announced last October. PM Najib Razak on the recalibrated budget 2016 In the revised budget 2016, the 2016 economic growth forecast has been revised to 4%-4.5%, down from an earlier forecast of 4% to 5%. The fiscal deficit target of 3.1% of gross domestic product (GDP) was maintained. Najib announced 11 measures to spur domestic consumption and increase growth, while saving some RM9 billion in operating and development expenditure. One of the highlights of the recalibrated budget is the optional 3% cut to the individual contribution to the Employee Provident Fund (EPF) for March 2016 to December 2017. INFLATION RANGING FROM 2.5% to 3...