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.
Tether’s USDT stablecoin , the world’s most-used cryptocurrency, has seen periodic discounts relative to the dollar since late September, signaling a potential shift by Chinese investors from digital assets back to the surging Chinese stock market . Despite China's 2021 ban on crypto trading, many mainland residents have continued using overseas exchanges to trade cryptocurrencies. However, recent easing measures by China’s central bank , aimed at boosting the economy, have spurred a rally in Chinese stocks , coinciding with the USDT discount. Stablecoins like USDT , which are typically pegged 1-to-1 to fiat currencies such as the dollar, are used to conduct transactions and hedge against the volatility of tokens like Bitcoin. The discount suggests rising demand for dollars as traders exit USDT positions to buy Chinese stocks . According to Kaiko , a blockchain data firm, the absence of USDT/Chinese yuan trading pairs due to the ban makes dollar-based transactions a key baromet...