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.
A record 36% of Americans would choose to rent if they were to move, according to a new Fannie Mae survey —a 10% increase over the past three years. This shift reflects a growing acceptance of renting as high home prices and soaring mortgage rates make buying increasingly out of reach. Mortgage rates, now around 7.25% for a 30-year loan, have surged due to the Federal Reserve’s tightening policy, discouraging potential homebuyers. In contrast, rental markets have stabilized, with recent data showing only modest increases in new lease prices. " High home prices over the last four years have led to a growing preference to rent, " said Fannie Mae’s Chief Economist Mark Palim. With rental growth expected to stay modest in 2025, more Americans may find attractive rental deals. Only 20% of survey respondents now believe it’s a good time to buy a home, a significant drop from 60% just four years ago.