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.
European auto shares tumbled Monday even after the U.S. and European Union agreed on a new trade framework that slashes threatened tariffs on EU goods. The deal, announced Sunday in Scotland, reduces import duties on European automobiles from a potential 30% to 15% . While the cut avoids a full-scale trade war, the market response was anything but celebratory. Auto Stocks Take a Hit Volkswagen (VWAGY) dropped 2.9% BMW slid 3.2% Mercedes-Benz (MBGYY) fell 2.4% U.S.-listed Stellantis (STLA) sank 5.3% Ford (F) and GM (GM) eased 1.1% and 0.3%, respectively The declines came despite European industry leaders calling the agreement a “relief.” German Automotive Association President Hildegard Müller said the framework prevented “further escalation” but warned the 15% levy would still cost German automakers billions annually . Investor Sentiment: Relief or Reality Check? The muted market reaction suggests investors were hoping for more...