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.
Key Takeaways: Critical Tax Break at Risk : Public finance bankers are intensifying efforts to protect the tax-exempt status of state and local government debt. The Trump administration and Congress are considering proposals that could eliminate this tax break, which is essential for keeping municipal bond costs manageable for smaller issuers. Lobbying Efforts Intensify : The Bond Dealers of America (BDA), along with local governments and investors, are now reaching out to the Treasury Department and Trump administration officials, emphasizing the significance of the tax exemption in public finance and nationwide infrastructure development . Tax Exemption Importance : The tax-exempt status is seen as a key factor driving the municipal bond market , helping lower borrowing costs for local governments. Losing this benefit could make issuing bonds prohibitively expensive for s...