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.
US consumer spending rose slightly less than anticipated in August, indicating a potential moderation in economic growth for the third quarter. However, economic expansion remains likely, as the goods trade deficit narrowed by the largest margin in nearly two years, according to data from the Commerce Department . Consumer spending, which makes up more than two-thirds of US economic activity, increased by 0.2% in August , following a 0.5% rise in July. Economists had expected a 0.3% increase . The spending was mainly driven by services , such as housing, healthcare, and recreation, with a decline in goods spending, especially in motor vehicles and parts . Despite these declines, higher incomes and savings are supporting consumer spending through the rest of the year. Inflation, measured by the Personal Consumption Expenditures (PCE) price index , rose by 0.1% in August , in line with forecasts, marking the smallest annual increase since February 2021. Over the 12 months through Aug...