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.
US Treasury yields and the dollar dipped , while the Dow Jones Industrial Average surged to a record high on Friday, as a mild US inflation report boosted expectations for a larger interest rate cut at the Federal Reserve's (Fed) November meeting. The personal consumption expenditures (PCE) price index , the Fed's preferred measure of inflation, rose just 0.1% in August , down from 0.2% in July, indicating that inflation is moderating. Over the past 12 months, the PCE increased 2.2%, down from 2.5% in July, lifting market sentiment. This fueled expectations for a 50-basis-point interest rate cut at the Fed's upcoming policy meeting, with the probability of such a cut rising to 56.7% from 49.9% prior to the data release, according to the CME's FedWatch Tool. The Dow Jones Industrial Average rose 137.89 points (0.33%) to close at 42,313.00 , setting a new record, while the S&P 500 dipped 0.13% and the Nasdaq Composite fell 0.39% . Despite the slight decli...