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 crude oil exports, which have seen years of robust growth, are expected to plateau in 2024, reflecting a broader slowdown in both domestic production and global demand. This year, US crude exports averaged around 4.2 million barrels per day, marking a modest 3.5% increase from the previous year—the smallest annual growth since the US lifted its crude export ban in 2015. This contrasts sharply with the 13.5% export growth seen in 2022. Key Takeaways: Slowing Domestic Production : US oil production is set to rise by just 2.3% in 2024, a notable deceleration as shale producers prioritize shareholder returns over expanding output. Offshore projects, such as Chevron's Anchor platform in the Gulf of Mexico, are expected to contribute to future production increases, but these will ramp up gradually over the coming years, limiting their immediate impact on export volumes. Weak Global Demand, Especially in Asia : The global demand for oil has been sluggish, with China—a major buyer—see...