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.
China’s 5% growth target for 2024 is under intense scrutiny, with sluggish consumer spending , an uncertain export outlook , and a shaky property market casting doubt over its feasibility. In late September, Beijing introduced a series of stimulus measures , leading to a historic stock rally. However, investor disappointment soon followed as the support measures were seen as insufficient, prompting further government promises of aid for the property sector and hints at increased government borrowing . The Economic Downturn Before these latest efforts, many global banks were already skeptical that China could meet its growth goal. Deflationary pressures were rising, with new-home prices hitting their lowest levels since 2014, and consumer confidence slumped to a multi-year low. Analysts questioned the effectiveness of fiscal and monetary policy, while China's export growth reached its highest value in two years but was met with global resistance due to cheap Chinese goods . Late...