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 President Donald Trump vowed to impose new tariffs and export restrictions on advanced technology and semiconductors in retaliation against foreign digital services taxes that he says unfairly target American tech giants. In a social media post on Monday, Trump called the measures “discriminatory” and said they “outrageously give a complete pass to China’s largest tech companies.” He warned that unless such taxes are withdrawn, Washington would hit offending nations with “substantial additional tariffs” on exports to the US , alongside curbs on “highly protected technology and chips.” Rising Trade Frictions The move adds fresh uncertainty for global trade partners, coming just weeks after Trump rolled out country-based levies on imports and vowed further duties, including on furniture. The president has long argued that digital taxes penalize US firms such as Amazon, Alphabet, and Meta Platforms , while sparing Chinese rivals. The US has already deployed...