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.
The US and European Union (EU) have sealed a hard-fought trade agreement imposing a 15% tariff on most EU exports , including automobiles, just days before higher levies were set to hit on Aug 1. Key Details: The deal prevents a looming trade war that threatened US$1.7 trillion in cross-border commerce . Tariffs cover cars, pharmaceuticals, and semiconductors; steel and aluminium remain under a 50% duty . The EU pledged to purchase US$750B in US energy products , invest US$600B in the US, and buy “vast amounts” of military equipment. The 15% rate is half of the threatened 30% , but still higher than the EU’s initial zero-tariff hopes. Market Reaction: S&P 500 futures: +0.4% Euro: Strengthened vs. USD European stock futures: +0.9% Why It Matters: Averts a major hit to global supply chains and investor sentiment. Seen as a political win for Trump, who called it “the biggest of all the deals.” EU leaders described ...