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 markets fell on Monday, following losses in the US, as investors focused on China’s market reopening after a weeklong holiday. Shares in Tokyo dropped, while US markets were impacted by a tech selloff , geopolitical concerns , and speculations on a smaller rate cut from the Federal Reserve . China's top economic planner is scheduled to hold a briefing, with investors eagerly awaiting potential new policy measures . Before the holidays, China introduced a series of stimulus measures , which significantly boosted investor confidence and propelled Chinese stocks to soar. However, some investors remain cautious about how long the Chinese stock rally will last. Major institutions like JPMorgan , Invesco , and HSBC are watching to see if Beijing will follow up on its stimulus pledges with concrete action. The CSI 300 Index in China surged 8.5% on Sept. 30, the last trading day before the holiday. In the US, the S&P 500 dropped 1% , as tech stocks like Alphabet...