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.
Cocoa futures fell to their lowest level in nearly two weeks as deliveries of beans to ports in Ivory Coast , the world’s top producer, picked up. Bean arrivals for the new season, which started on Oct 1 , reached 192,804 tons , surpassing last year’s figure of 170,794 tons for the same period, according to ADM Investor Services Inc . Earlier in the month, heavy rains had disrupted cocoa farming and transportation, but the improved weather has now allowed for better pod harvesting and drying conditions, contributing to the increase in supply. Concerns about demand have also surfaced following mixed grindings data from Europe, Asia, and North America. Analysts at Fitch Solutions predict that higher cocoa prices could dampen consumption during the 2024-25 season . As of 7:56 a.m. local time in New York, cocoa futures fell 1.4% to $7,290 a ton , the lowest since Oct 10. In London , cocoa prices also dropped 1.4% , while Arabica coffee rose 0.6% and raw sugar slipped 0.9% .