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.
UK salaries grew at their slowest pace in three-and-a-half years in September, indicating a loosening labor market ahead of Chancellor Rachel Reeves’s first budget on Oct. 30, according to a survey by the Recruitment & Employment Confederation (REC) and KPMG . The survey revealed that an increase in available candidates and reduced demand for staff contributed to weaker pay growth for permanent hires , the slowest since February 2021. Wages for temporary staff even declined . The Bank of England (BOE) is closely monitoring wage inflation as it debates a possible interest-rate cut in November . Governor Andrew Bailey has suggested that the BOE might take a more aggressive stance on rate cuts if inflation trends continue to be positive. Neil Carberry , CEO of REC, noted that pay is moderating and falling below its long-term trend, which could push the BOE to cut interest rates sooner. The findings come as businesses grow increasingly concerned about tax hikes and spending...