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.
On Tuesday, companies worldwide rushed into debt markets to issue bonds and loans, raising a staggering $43 billion in the US market alone, led by blue-chip firms like Ford Motor Credit Co., Formula 1, Petrobras, and Saudi Arabia’s sovereign wealth fund. This marks the busiest single sales day in recent years, as issuers look to capitalize on favorable borrowing costs ahead of potential rate hikes and market volatility due to the upcoming US presidential election. Key Highlights: Record Bond Sales Amid Low Yields : Nearly 30 blue-chip companies issued around $43 billion of bonds in the US market, while 24 companies and government-linked issuers raised €22.60 billion in Europe. Asian borrowers, including the Indonesian government, also joined the issuance spree. Investment-grade corporate debt yields averaged 4.52%, near their lowest in two years, prompting issuers to lock in low rates. Preemptive Borrowing Ahead of Potential Volatility : Despite expectations that the Federal Reserve (F...