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.
Money managers are holding the highest number of short positions in US corn on record, as the outlook for more abundant supplies and lacklustre demand weigh on prices. Money managers increased their short-only holdings in Chicago corn futures and options to 507,901 contracts, surpassing the previous record of 506,000 contracts seen in 2019. The investors’ net position, which accounts for the difference in long and short holdings, was net-bearish by 353,983 contracts, also the biggest in records going back to 2006. Source: Bloomberg