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.
Federal Reserve Chair Jerome Powell indicated on Monday that the US central bank is likely to proceed with a measured approach to interest rate cuts, emphasizing that there is no urgency to act quickly. His comments came as new data bolstered confidence in the ongoing economic growth and consumer spending. "This is not a committee that feels like it is in a hurry to cut rates quickly," Powell stated during a conference with the National Association for Business Economics . This comes after the Federal Open Market Committee's recent decision to initiate an easing cycle with a larger-than-expected half-percentage-point reduction during its meeting on September 17-18. Powell affirmed that the Fed is prepared to adjust the speed of its rate cuts to align with its goal of maintaining inflation near the 2% target while keeping unemployment low. “We will do what it takes in terms of the speed with which we move,” he said. Projected Rate Cuts and Economic Growth Despite discus...