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Market Daily Report: Selective Buying Of Defensive Stocks Lifts Bursa Malaysia Higher At Close

 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.
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China Services Sector Rebounds Sharply in July on Travel Surge

China’s services sector saw a  sharp rebound in July , with the  S&P Global Services PMI jumping to 52.6 , its  highest level since May 2024  — a clear signal that the summer travel boom is driving short-term resilience.   Key Indicators S&P Services PMI : ▲ to  52.6  (vs 50.6 in June; Bloomberg forecast: 50.4) Export Orders : Fastest rise since Feb Employment : Hiring at highest pace in 12 months Selling Prices : ↑ for the first time in 6 months Business Confidence : Highest in 4 months   What’s Driving It Peak  summer season  lifted  tourism, transport, entertainment External demand  picked up as global trade tensions eased Firms responded by  expanding workforce  and adjusting pricing   Caution Signs Remain PBOC Survey : Job sentiment fell to  worst on record  in Q2 Official Services PMI : ↓ to 50 (vs 50.1), hinting divergence Weak Spots : Real estate and some consumer services still contract...
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US Airline Stocks Rally as Southwest and American Airlines Lift Forecasts

U.S. airline stocks surged in afternoon trading after Southwest Airlines (LUV) and American Airlines (AAL) raised their fourth-quarter earnings forecasts , signaling optimism in the travel sector. Key Stock Movements Southwest Airlines (LUV): Up 2.7% , now forecasting Q4 revenue per available seat mile (RASM) to rise 5.5%–7% , up from the earlier estimate of 3.5%–5.5% . American Airlines (AAL): Jumped 16% , revising its adjusted earnings per share (EPS) outlook to $0.55–$0.75 , compared to its earlier range of $0.25–$0.50 . Broader Airline Sector Performance Delta Air Lines (DAL), United Airlines (UAL), Alaska Air Group (ALK): Shares rose between 1.5% and 4% in morning trading. S&P 1500 Airlines Index: Climbed 3% , reaching its highest level since June 2021 . JetBlue's Forecast JetBlue Airways (JBLU): Revised its 2024 revenue outlook with a smaller dip expected as domestic travel demand rebounds. Despite the update, JetBlue’s stock fell 0.98% as of 1:19 p.m. ET. Mark...
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