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.
Sector Rating: POSITIVE MBSB IB maintains a POSITIVE call on the Malaysian property sector, citing improved sentiment, better loan approvals, and a favorable monetary environment following the recent OPR cut by Bank Negara Malaysia (BNM) . Top BUY Picks & Target Prices Company Rating Target Price Highlights Mah Sing Group BUY RM1.49 Focus on affordable housing; rate cut to boost first-time homebuyer demand UOA Development BUY RM2.04 5.6% dividend yield; expanding into Johor Matrix Concepts BUY RM1.65 MVV City growth driver; ~6% yield; steady Bandar Sri Sendayan contributions Key Sector Insights 1. OPR Cut Spurs Affordability & Lending The OPR cut is expected to improve loan eligibility , reduce interest costs, and reignite buying interest , particularly for mid-range residential units . Loan approvals rose 5% MoM in May , with a higher approval ratio (46.4% vs. 44.3% in April). Cumulative approved loans (Jan–May 2025): RM110.9 billion, s...