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.
Britain’s natural gas production is falling more rapidly than anticipated, sparking concerns over rising dependence on imports, according to Offshore Energies UK (OEUK) , an industry group urging government intervention to boost investment. Production has dropped 13% this year through August, with a similar rate of decline expected for the entirety of 2024. This is worse than the 10% decline initially forecast for the UK’s aging North Sea basin , said Ross Dornan , market intelligence manager at OEUK. "There is not a huge amount of new production coming through," Dornan added. OEUK is seeking support in the Autumn Budget on Oct. 30 to stimulate domestic energy investment, especially after the previous government’s windfall tax on oil and gas profits during the energy crisis. The Labour Party plans to increase this levy further, which OEUK warns could result in an 80% slump in oil and gas investment over the next five years. UK gas output has fallen by more than half i...