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.
Asian financial markets rallied on Monday after Federal Reserve Chair Jerome Powell signaled a dovish policy stance at Jackson Hole, boosting risk sentiment across regional equities and currencies. The Malaysian ringgit gained 0.6% to 4.20 per USD , its sharpest intraday rise in three weeks, while the Indonesian rupiah climbed 0.5% to a one-week high . The Taiwan dollar advanced 0.6% and the Indian rupee strengthened 0.2%. Equities also posted strong gains, led by Taipei’s benchmark index (+2.5%) , buoyed by semiconductor shares. Jakarta and Seoul rose over 1%, while Bangkok added 0.7%. Fed Pivot Boosts Risk Assets Powell highlighted growing risks to the US job market, reinforcing expectations of monetary easing: 80% probability of a 25bps Fed rate cut in September (Sept 16–17 FOMC). Nearly 50bps of cumulative easing priced in by year-end . The US dollar index stayed near a ...