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.
Financial markets are preparing for a potentially volatile week with two major events on the horizon: the US presidential election on Nov 5 and the Federal Reserve’s meeting on monetary policy. Both events could significantly influence market dynamics, as investors monitor the race between Republican Donald Trump and Democrat Kamala Harris and the Fed's latest stance on interest rates. Trump Trades and Election Volatility: The so-called “Trump trade” has gained traction, with the US dollar rising and Treasury bonds selling off , reflecting hopes for potential deregulation under a Trump win. In contrast, Harris is seen as supportive of clean energy stocks , which may rally if she prevails. Investors are also closely watching the impact of congressional control and the possibility of contested results, both of which could drive market swings. Fed's Policy Decision and Economic Data Impact: The Fed’s upcoming policy decision, expected to be a 25 basis point rate cut , may affect...