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.
Key Highlights: Record Market Highs: The S&P 500 reached its 57th record close in 2024, up nearly 30% year-to-date, marking its best annual performance since 2019. Nasdaq rose 0.9% , while the Dow Jones fell slightly by 0.1% . Jobs Report Boosts Rate Cut Bets: November job growth rebounded, with nonfarm payrolls up by 227,000 . Unemployment edged up to 4.2% , reinforcing expectations of a 25-basis-point Fed rate cut in December. Market Sentiment: Analysts described the labor report as a “ Goldilocks zone ” scenario—steady growth without overheating. Traders now see a 90% probability of a rate cut at the upcoming Fed meeting. Sector Movers: Tech & Consumer Discretionary: Meta, Alphabet, Tesla, and Lululemon saw significant gains. Crypto: Bitcoin climbed 2.5% , surpassing $101,500 , driven by optimism around the Fed’s policy. Upcoming Catalysts: Inflation Data: Core inflation data next week will be crucial to solidify expectations for further rate cuts in 2025. Fed Commenta...