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 Takeaway: Biden will discuss critical issues with Xi, focusing on stability amid potential changes in US-China relations under Trump’s upcoming administration. President Joe Biden and Chinese President Xi Jinping are set to meet on Saturday at the Asia-Pacific Economic Cooperation (APEC) forum in Lima, Peru, for a final discussion before a new administration. The agenda will cover key global tensions , including US-China relations, Taiwan, Russia’s war in Ukraine , and China’s role in counter-narcotics efforts . US national security adviser Jake Sullivan emphasized that Biden aims to maintain open communication with Xi to manage tensions. Biden is expected to address recent Chinese-linked hacking incidents involving prominent US officials and China’s support for Russia , including the presence of over 10,000 North Korean soldiers in Russia. This meeting follows a period of US restrictions on investment in AI, quantum computing, and semiconductors in China , a move China opposed...