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.
The U.S. dollar's trajectory may hinge on President-elect Donald Trump's forthcoming nomination for Treasury Secretary. Analysts suggest that appointing a candidate with limited experience or one who doesn't provide a strong counterbalance to some of Trump's economic proposals could lead to a sell-off in long-term U.S. Treasuries, potentially weakening the dollar. Conversely, a nominee with a proven track record and reliability is likely to be well-received by the bond market, supporting the dollar's strength. Potential candidates for the Treasury Secretary position include: Kevin Warsh : Former Federal Reserve Governor. Marc Rowan : CEO of Apollo Global Management. Howard Lutnick : CEO of Cantor Fitzgerald. Scott Bessent : Hedge-fund manager. Robert Lighthizer : Former U.S. Trade Representative. The bond market's reaction to the nominee will be crucial in determining the dollar's near-term performance. A well-regarded appointment could bolster confidence, w...