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.
The US dollar is rallying this week as traders reassess the potential interest-rate cutting paths of the Federal Reserve compared to other global central banks. The Bloomberg Dollar Spot Index has climbed for a fourth consecutive session, marking its longest winning streak in a month. This momentum followed stronger-than-expected ISM data , which prompted traders to temper expectations for aggressive monetary easing by the Fed. Market sentiment shifted earlier in the week after Fed Chair Jerome Powell stated that the US economy remains on solid footing. According to Jayati Bharadwaj , a currency strategist at TD Securities, the dollar was previously oversold and was bound for a rebound as US economic data stabilized , while global economic indicators weakened. The rally has also been driven by a selloff in major currencies such as the pound and yen . The British pound fell over 1% after Bank of England Governor Andrew Bailey suggested the potential for more aggressive ...