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Market Daily Report: Selective Buying Of Defensive Stocks Lifts Bursa Malaysia Higher At Close

 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.
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U.S. Mortgage Rates Drop to 6.77% — A Window of Opportunity?

Real Estate Watch Mortgage rates in the U.S. fell for the fourth straight week, hitting  6.77%  — the lowest level since early May. While still close to 7%, the drop offers some breathing room for potential buyers. What’s Driving the Shift? Cooling inflation expectations and Fed rate cut optimism. Softening in new purchase contracts (-2.3% in 4 weeks). Lower listings in 20 of the top 50 metro areas — a sign some sellers are holding back. Affordability Still a Challenge Despite better bargaining power for buyers, affordability remains tight. Many economists say significantly lower rates are needed to truly stimulate demand. MoneyMaster Take — Key Insights: Lower mortgage rates = slight relief  for homebuyers. Housing market tilts toward buyers  — more choice, more negotiation power. But affordability headwinds persist  — don’t expect a boom.
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US Mortgage Rates Climb for Fourth Straight Week to 6.54%

Mortgage rates in the US rose for the fourth consecutive week , with the average rate for a 30-year fixed mortgage reaching 6.54% , up from 6.44% the previous week, according to Freddie Mac . This marks the highest borrowing cost since early August, further straining affordability for homebuyers. At the current average rate, monthly payments on a $600,000 loan would be approximately $3,808 , up significantly from $3,628 when rates dropped to 6.08% in late September. Sam Khater , chief economist at Freddie Mac, attributed the rise in rates to economic data outperforming downbeat expectations, contributing to volatility in mortgage rates. Recent data, including a decline in initial jobless claims, has reinforced the strength of the economy ahead of the Federal Reserve's upcoming November meeting. While affordability pressures continue to weigh on the housing market, with sales of previously owned homes slipping to a 14-year low in September, the new home market remains rob...
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