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.
Federal Government’s Financials Improved in 2023, but Rising Liabilities Require Attention — AG's Report
The federal government's financial performance in 2023 showed improvement compared to 2022, with excess revenue increasing by RM2.028 billion , according to the Auditor General's (AG) Report . Additionally, the government's deficit decreased by RM8.595 billion , bringing the deficit-to-GDP ratio down to 5.0% from 5.5% in the previous year. However, the report highlighted concerns over the increasing trend of federal liabilities , which consist of federal debt and financial liabilities. These liabilities grew by RM92.038 billion (6.6%) to reach RM1.492 trillion in 2023, up from RM1.400 trillion in 2022. Furthermore, the government's guarantee commitment for 13 companies increased by RM3.288 billion (1.5%) . At the same time, dividends received by the federal government fell significantly, decreasing by RM9.756 billion (17.5%) , down from RM55.815 billion in 2022. Despite these challenges, the AG Report stated that the federal government’s financial statements pre...