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.
Australia has failed in its bid to secure an exemption from U.S. steel and aluminum tariffs , despite extensive lobbying from Prime Minister Anthony Albanese's government . This decision has strained relations between the two long-time allies. Key Points: Tariff Decision : White House spokesperson Kush Desai confirmed that the tariffs will go into effect at midnight on Wednesday , with no exemptions for any U.S. trading partners, including Australia. Australian Reaction : Prime Minister Albanese expressed disappointment, calling the move "entirely unjustified" and an act of "economic self-harm" by the U.S. However, he added that Australia would not retaliate with any reciprocal measures . Historical Context : In previous years, Australia successfully negotiated for an exemption from similar tariffs under the Trump administration . However, this time, the deal seems much harder to ...