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.
China’s central bank moved to shore up the yuan on Thursday, setting its daily reference rate well below analyst forecasts after the currency slid to a two-month low against the U.S. dollar. Key Points: Stronger Fixing: The People’s Bank of China (PBOC) set the yuan’s reference rate around 7.15 per dollar , the biggest divergence from market estimates since April. Market Reaction: The offshore yuan rebounded 0.2% to 7.1993 , after touching its weakest level since early June. Dollar Surge: The move came as the U.S. dollar hit a two-month high, driven by stronger U.S. trade deals and Fed Chair Jerome Powell’s hawkish comments on interest rates. Regional Moves: Monetary authorities in Indonesia and Hong Kong also intervened to defend their currencies as the greenback’s rally pressured Asian FX markets. The yuan and Singapore dollar remained relatively resilient compared to other regional peers. Why It Matters: The PBOC is balancing...