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.
The US housing market is experiencing one of its least affordable periods in decades, with residential real estate sales stalling and a generation of aspiring homeowners being shut out. The only group seemingly unaffected by this crisis are the ultra-wealthy. Key Points for Investors and Homebuyers: Overall Market Trends: Sales Decline: New home sales in June were down slightly and well below expectations following a 15% decline in May. Transactions for previously owned properties dropped for the fourth consecutive month. Luxury Market Resilience: Homes worth over $1 million were the only category to see sales rise in June, according to the National Association of Realtors. Mortgage Rates and Cash Purchases: Rising Rates: The 30-year fixed mortgage rate is around 6.8%, significantly higher than the approximately 3% rate seen from late 2019 to early 2022. Cash Buyers: Wealthy buyers are largely unaffected by high mortgage rates as they tend to purchase homes with cash. As of Q1 2024...