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.
Japanese banks are off to a strong start this fiscal year, with Mizuho Financial Group Inc raising its annual profit forecast to a record ¥1.02 trillion (US$6.9B) after posting better-than-expected first-quarter results. Key Highlights: Mizuho: Net income rose 0.4% YoY to ¥290.5B in Q1; full-year profit forecast lifted from ¥940B to ¥1.02T. Sumitomo Mitsui: Q1 profit hit ¥376.9B, reaching 29% of its full-year goal of ¥1.3T. Both banks beat analyst estimates and saw gains in net interest income as lending margins improved. Drivers: Higher Interest Rates: Japanese lenders are benefiting from improved margins after the Bank of Japan ended its ultra-easy monetary policy last year. Trade Deal Optimism: A recent US-Japan tariff agreement and a resurgent stock market added momentum to bank shares. Mizuho stock is up 16% YTD; Sumitomo Mitsui gained 2.4%. Lower Risks: Mizuho expects smaller bad-loan costs and gains fro...