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.
In a recent interview, the European Union’s foreign policy chief , Kaja Kallas , claimed that China stands to benefit from the ongoing trade tensions between the U.S. and its allies. Speaking on the sidelines of a Group of Seven (G7) meeting in Canada , Kallas stated, "Who is laughing on the side or looking at the side is China. It’s really benefitting from the U.S. having a trade war with Europe." Her comments came after U.S. President Donald Trump threatened to impose a 200% tariff on wine, champagne , and other alcoholic beverages from France and other EU nations. This was a retaliation against the EU’s plan to tax American whiskey exports , which was itself a countermeasure to the U.S. tariffs on steel and aluminum . The Global Impact of US Trade Wars: Kallas emphasized that trade wars typically lead to inflation peaks , which hurt consumers...