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 Takeaways The European Commission has proposed eliminating tariffs on US industrial goods as part of last month’s EU–US trade deal. In return, Washington reduced tariffs on EU-built cars to 15% from 27.5% , effective Aug 1. The move avoids a full-blown trade war, though the agreement remains asymmetric, with the EU making broader concessions. EU proposals also include limited agricultural openings, while maintaining protection on sensitive sectors like beef and poultry. Deal Structure The framework deal was struck on July 27 between US President Donald Trump and European Commission President Ursula von der Leyen. The EU accepted a broad 15% tariff across many exports to avert Trump’s threatened 30% blanket duties on EU goods. While two-thirds of EU–US trade in industrial goods is already tariff-free, Brussels will now remove residual duties averaging 1.35% . For US farm produce, concessions include zero tariffs on potatoes , reduced t...