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.
Bank of Japan (BOJ) policymakers, during their landmark decision to increase interest rates last month, considered additional rate hikes, according to a summary of the discussion released on Thursday. This hawkish shift has contributed to recent global market turmoil. Key Highlights: Potential Rate Increases: One policy board member suggested the central bank should eventually raise its policy rate to around 1% or higher, marking the first time a BOJ policymaker has specified a potential endpoint. July 31st Decision: The BOJ raised its short-term policy target to 0.25%, the highest in 15 years, from a zero-to-0.1% range, and outlined a plan to taper its massive asset purchases, signaling a shift from a decade-long stimulus program. Global Impact: The rate hike and subsequent comments from BOJ Governor Kazuo Ueda about potential further increases, coupled with signs that the Federal Reserve might cut US rates, caused a spike in the yen and contributed to global market volatility. Boar...