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 Malaysian manufacturing sector recorded its sixth consecutive month of contraction , with the S&P Global Manufacturing PMI falling to 49.2 , the lowest reading in seven months, according to MIDF Amanah Investment Bank Bhd (MIDF Research) . Key Highlights Sector Weaknesses New Orders : Experienced the sharpest decline in seven months , reflecting weak domestic demand. Output and Inventory Levels : Declined further, indicating broad-based challenges. Backlogs of Work : Stabilized, reaching a four-month high , due to limited production capacity. Export and Supply Chain Trends Export Orders : Showed growth, likely driven by rising demand in the Asia-Pacific region . Supply Chain Disruptions : Persisted for the seventh consecutive month , worsened by the Red Sea crisis , causing longer delivery times. Cost Pressures Higher Commodity Prices and the weaker ringgit drove up costs, though input price inflation eased to a nine-month low. Employment and Business Confidence Employment...