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.
Libya’s oil production has been severely impacted as authorities in the country’s east enforced a shutdown, intensifying a political crisis that the United Nations has warned could lead to economic collapse. The shutdown, which has already halted production at the El-Feel oil field in southwestern Libya, is part of a broader move by eastern Libyan authorities to freeze all oil output and exports in response to a decision by the internationally recognized government in the west to replace Central Bank Governor Sadiq Al-Kabir. Key Points: Oil Production Halted : Libya, which possesses Africa’s largest oil reserves and has been producing about 1.2 million barrels of crude per day, is now seeing a significant drop in output. The eastern Libyan authorities’ decision to halt production is a direct response to the western government’s attempt to replace the central bank governor, a move that has been resisted by Al-Kabir, who has held the position since 2011. Power Struggle and Economic...