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.
Iron ore prices ticked up again on Monday, continuing last week’s rally — just as traders brace for China’s GDP figures, due Tuesday. The Numbers: Iron ore futures hit US$99.90/tonne , up 0.4% in Singapore Last week saw a 3.6% gain — the best weekly performance since January Chinese steel exports hit a record high of 30.7 million tonnes in Q2 Iron ore imports surged 22% in June compared to May What’s Driving the Market? Speculation of stimulus : Hopes are growing that Beijing will support the ailing property sector and reduce industrial overcapacity — both crucial for iron ore demand China GDP Watch : If Q2 GDP hits or slightly surpasses the 5% target , that’s good news — but it could dampen the urgency for additional stimulus from policymakers Trade diplomacy : Australian mining giants like BHP, Rio Tinto, and Fortescue are in Beijing this week alongside PM Anthony Albanese...