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.
Confidence among US home builders increased in September for the first time in six months, just ahead of the Federal Reserve's anticipated interest rate cut from the current two-decade high. A measure of housing market conditions from the National Association of Home Builders (NAHB) and Wells Fargo climbed by two points to 41 this month, aligning with the median estimate of economists surveyed by Bloomberg. The index showed gains across all regions, signaling a broad improvement in sentiment. Metrics for prospective-buyer traffic and current sales rose from their 2024 lows, while an outlook index for the next six months jumped by four points to 53 , marking the largest increase since January. “With inflation moderating, the Federal Reserve is expected to start a cycle of monetary easing this week, which will create downward pressure on mortgage interest rates and reduce borrowing costs for land development and home construction,” said NAHB Chief Economist Robert Dietz . T...