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 S&P 500 and Nasdaq ended at multi-week lows on Wednesday, with the S&P snapping one of its longest streaks without a daily decline of more than 2%. Lackluster earnings from Alphabet and Tesla undermined investor confidence in megacap stocks, leading to significant market declines. Key Points for Investors: Market Performance: S&P 500: Dropped 2.3%, its worst one-day performance since December 2022, breaking a 356-session streak without a decline of more than 2%. Nasdaq Composite: Fell 3.64%, its largest single-day percentage decline since October 2022, closing at its lowest point since June 10. Dow Jones Industrial Average: Declined 1.25%, closing below 40,000 points for the first time in two weeks. Earnings Impact: Tesla: Slumped 12.3%, its worst single-day fall since September 2020, after reporting its lowest profit margin in over five years and missing second-quarter earnings estimates. Alphabet: Dropped 5% despite a second-quarter earnings beat, due to co...