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.
South Korea's household borrowing surged in August by the largest amount in over three years, driven primarily by a record increase in mortgage demand , according to data released by the central bank on Wednesday. Household borrowing from banks reached 1,130 trillion won (US$840.52 billion or RM3.66 trillion) at the end of August, marking an increase of 9.3 trillion won over the month. This is the largest monthly rise since July 2021. Mortgage loans alone rose by 8.2 trillion won , the biggest jump since such data became available in 2004, according to the Bank of Korea (BOK). At a meeting with local banks on Tuesday, South Korea's financial watchdog expressed concerns over the rapid increase in household debt , warning that such financial imbalances could potentially evolve into systemic risks. The head of the watchdog urged banks to strengthen their risk management practices following recent tightening of lending rules by authorities earlier this month. "In September,...