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.
S&P Global Ratings has given a vote of confidence to President Donald Trump’s tariff strategy, affirming the US’s AA+ long-term credit rating with a stable outlook. The agency said tariff revenues are helping offset the fiscal impact of Trump’s tax and spending cuts , providing some relief to the nation’s balance sheet. Key Points from S&P Tariff revenues are rising: US customs duties hit a record US$28 billion in July , and Treasury Secretary Scott Bessent now projects 2025 tariff receipts could exceed 1% of GDP . Fiscal position stable: While government debt is expected to surpass 100% of GDP in the next three years, S&P believes the deficit will average 6% of GDP from 2025–2028 , down from 7.5% in 2024. Stable outlook: S&P does not expect US fiscal health to improve dramatically, but it also doesn’t expect persistent deterioration in the near term. Market Reaction Bond yields: Th...