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.
Tariff Shock Threatens India’s Growth Path Moody’s Ratings flagged serious risks to India’s manufacturing ambitions after U.S. President Donald Trump doubled tariffs on Indian goods to 50%, citing continued Russian oil imports. The move imposes significantly higher penalties on India compared to other Asia-Pacific economies. Investment Gains at Risk The ratings agency warned the higher tariffs could reverse recent foreign investment inflows into India’s industrial base and disrupt its broader growth momentum. “These tariffs may undercut India’s positioning as a rising global manufacturing hub,” Moody’s noted. RBI Holds Policy Steady In a separate move, the Reserve Bank of India left interest rates unchanged and maintained a neutral policy stance, following a surprise 50bps cut in June. Oil Supply Concerns Moody’s also cautioned that any reduction in Russian crude imports to avoid U.S. sanctions could strain India’s ability to secure timely and adequate alte...