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.
Key Takeaway: Malaysia has been removed from the US Treasury's currency monitoring list , while no major trading partner was declared a currency manipulator for the year ending June 30. The US Treasury Department, in its final currency report under the Biden administration, found that no major trading partners manipulated their currencies . The report highlights a shift from interventions to weaken currencies, seen during Donald Trump’s first term, to measures aimed at strengthening currencies to combat inflation . Malaysia Exits Monitoring List: Malaysia was removed from the Treasury’s monitoring list due to improved foreign exchange practices . However, South Korea was added, citing a large global current account surplus and a significant goods and services trade deficit with the US. Countries Remaining on the Monitoring List: China, Japan, South Korea, Taiwan, Singapore, Vietnam, and Germany remain on the list. The Treasury monitors countries meeting two of these three criteri...