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 "no landing" scenario, in which the US economy continues to grow , inflation reignites , and the Federal Reserve is unable to significantly cut interest rates, has re-emerged as a key concern after a blowout US jobs report . The data revealed the fastest job growth in six months , a drop in unemployment , and higher wages , causing Treasury yields to surge and casting doubt on the likelihood of aggressive rate cuts by the Fed. Investors had been preparing for a potential soft landing or even a recession , pricing in rate cuts and piling into short-term US notes. However, the stronger-than-expected jobs data has upended this strategy, raising concerns about the risk of an overheating economy . Many prominent voices, including Stanley Druckenmiller and Mohamed El-Erian , have warned that inflation may not be fully under control, and that the Fed may have to reconsider its approach. The 10-year breakeven rate , a measure of bond traders' inflation expectations, has...