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.
A group of fintech and cryptocurrency companies, including Robinhood, Kraken, and Galaxy Digital, has launched the Global Dollar Network , introducing a new US dollar-pegged stablecoin named USDG. Issued by Paxos from Singapore, USDG aims to broaden stablecoin usage worldwide and offer economic benefits to its partners. Key Points: Global Dollar Network : Formed to promote stablecoin adoption, this network’s goal is to make stablecoins widely accessible and beneficial. Participants, including Anchorage Digital, Bullish, and Nuvei, will help govern USDG through a committee structure. Competitive Market : USDG enters a market dominated by Tether and USD Coin, which together hold nearly 90% of the stablecoin market cap. Its backers hope to boost USDG by incentivizing global stablecoin use. Stablecoin Benefits : Stablecoins like USDG provide a steady value, typically backed by traditional currencies such as the USD or euro, making them a reliable bridge between crypto and fiat currencies. ...