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.
China's record-breaking aluminum production is expected to continue for the remainder of the year, with national output projected to rise by 3% in the fourth quarter, reaching 11 million tons , according to Shanghai Metals Market (SMM) . This growth is supported by a surge in hydropower generation , ensuring that key production regions, such as Yunnan , will avoid the power shortages that have led to production cuts in recent years. In August , China's aluminum smelters produced a record 3.69 million tons , and while September may show a slight dip, production is expected to rebound to 3.72 million tons in December , SMM reported. Despite a slowing economy , demand for aluminum has remained strong due to the metal’s increased usage in clean energy applications such as electric vehicles (EVs) and solar power systems . Aluminum production is highly energy-intensive , but hydropower , particularly in Yunnan, has seen a 22% increase in output in the first eight months of 2024, ...