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.
Goldman Sachs has upgraded its outlook for Chinese stocks, expecting a potential 11% upside if the US and China reach a trade agreement. The bank raised its 12-month target for the MSCI China Index to 90 from 85 , according to strategists led by Kinger Lau. The move reflects optimism that a deal could remove one of the biggest risks weighing on the market. Why Goldman Is Bullish A US-China trade deal could be a “market-clearing event” , similar to rallies seen in other countries that struck trade pacts with the US in recent months. Other tailwinds include a stronger yuan , easing regulatory pressures on private companies, and supportive liquidity conditions. Sector Focus Goldman advised investors to look at individual stocks and shifted its preference to: Overweight: Insurance and materials. Underweight: Banks and real estate. Market Context Chinese stocks have been on a winning streak, rising for three straight weeks as expectations...