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.
Hong Kong's businesses and property owners are facing unprecedented pressure, with many distressed sellers offering assets at fire-sale prices as the city's economic challenges deepen. Driven by China's economic slump , high interest rates, and weak consumer demand, Hong Kong's once-booming real estate sector and other industries are seeing significant declines. Luxury properties are being sold at steep discounts, with some mansions in Hong Kong’s Peak district sold for as much as 50% below their peak value. For example, the family of real estate investor Ho Shung Pun sold four mansions in July for HK$1.1 billion , half of their previous value. The commercial real estate sector is also under strain, with some office buildings, like a floor in the Bank of America Tower , selling at a loss. According to Derek Lai , Deloitte’s global insolvency leader, the current wave of distressed assets is the largest seen in 30 years, affecting various industries, from real esta...