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: China’s new home prices fell 5.9% in October year-on-year , marking the steepest Official data revealed that China's new home prices dropped for the 16th consecutive month , falling 5.9% in October compared to the previous year. However, the month-on-month decline slowed to 0.5%, the smallest since March, from 0.7% in September. The National Bureau of Statistics (NBS) noted narrowing price declines across tier-one, tier-two, and tier-three cities , hinting at potential stabilization. Additionally, 75.9% of respondents in an NBS survey expect home prices to stabilize or rise within the next six months, an increase of 17.6 percentage points from the previous poll. Key Developments in the Property Sector: Government Measures: Authorities have introduced tax incentives and lowered borrowing costs, including a 25 basis-point cut in benchmark lending rates in October. Home Deliveries: Policymakers delivered 2.85 million pre-sold homes nationwide as of Nov 13, addre...