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.
Singapore’s financial powerhouses—DBS, UOB, and OCBC—are accelerating their expansion into RMB cross-border settlements , positioning themselves as regional leaders in Asia’s rising RMB payment ecosystem, driven by China’s Belt and Road Initiative (BRI) and the global momentum behind RMB internationalization. RMB Payment Volumes Hit Record Highs In 2024 , China's Cross-Border Interbank Payment System (CIPS) handled over RMB 175 trillion , marking a 42.6% YoY increase , underscoring the growing relevance of RMB as a global settlement currency . This surge aligns with a broader trend of de-dollarization , further incentivizing regional financial institutions to deepen RMB infrastructure capabilities and tap into the expanding RMB payment corridor . Singapore’s Big Three: Strategic Integrations with CIPS DBS Leads the Charge in RMB Clearing First Singaporean bank to become a direct CIPS participant . Achieved...