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.
Emerging Asian currencies weakened on Friday, tracking a stronger US dollar after the Federal Reserve signaled a slower, more measured pace of monetary easing. Stocks Cool Off The MSCI EM Asia equities index — dominated by China, Taiwan, and South Korea — slipped just below a four-year high. Singapore’s Straits Times Index dropped for the sixth straight session after hitting a record high last week. Taiwan and South Korea stocks also pulled back from record levels reached on Thursday. Markets had rallied sharply ahead of the Fed decision on hopes for further rate cuts. Analysts still see easier US policy supporting risk appetite, but valuations in Asia’s major markets are starting to look stretched. Currency Moves An MSCI index of EM currencies fell for the second day after touching a 10-week high earlier in the week. Malaysia’s ringgit : weakest in a week. Indonesia’s rupiah : hit a four-month low, down ~1.5% since Finance Minister Sri Mulyani’s dism...