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.
Markets across Asia saw cautious gains on Tuesday as global investors watched closely for updates on the massive U.S. tax and spending bill. Meanwhile, the U.S. dollar weakened, and gold prices jumped on uncertainty. Key Takeaway: Cautious Optimism Amid Washington Gridlock While Asian shares edged up , the momentum was tempered by political delays in Washington. Investors had been expecting a vote on President Trump’s US$3.3 trillion tax-and-spending bill , but prolonged debate over amendments held things back. Japan's Nikkei slipped as much as 1.1% as the yen strengthened , while the Kospi led gains , up 1.8%. Money Master Take: Risk Assets Pause as Policy Risks Rise The world is watching Capitol Hill. Until the fate of the “ one big beautiful bill ” is sealed, expect market jitters . While Asian equities remain resilient , the weaker dollar and gold rally suggest a rising appetite for safety amid fiscal concerns....