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.
Australian employment surged past expectations for the third consecutive month in August, with 47,500 jobs added, far exceeding the forecasted 25,000 . However, the jobless rate remained steady at 4.2% , as the workforce expanded rapidly, keeping the labor market tight . This supports the Reserve Bank of Australia’s (RBA) stance that interest rate cuts are unlikely in the near future. All employment gains were in part-time jobs , and hours worked rose by a solid 0.4% , reflecting a robust labor market. The participation rate held steady at a record 67.1% , further underscoring the labor force's strength. The RBA has maintained its cash rate at 4.35% since November, up from 0.1% during the pandemic, viewing it as sufficiently restrictive to manage inflation, which stood at 3.9% last quarter. The central bank expects inflation to return to its target range of 2%-3% by late 2025. Despite the strong data, markets still anticipate a 75% chance of a rate cut by year’s end. The...