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 Takeaway: Project Nexus aims to enable instant, seamless cross-border payments globally, with full implementation expected by 2027 . The Bank for International Settlements (BIS) , together with Bank Negara Malaysia (BNM) and central banks from Singapore, Thailand, the Philippines, and India , is advancing Project Nexus to streamline cross-border instant payment systems (IPS) . Highlights of Project Nexus: Unified Cross-Border Payments IPS networks , like Malaysia’s DuitNow , will connect seamlessly via a single unified network , enabling instant and secure fund transfers across borders using proxies like mobile numbers . Phase 3 Milestones Phase 3, concluding in 2024, delivered a comprehensive framework , including: Governance roadmap Revenue model Technical specifications for the Nexus system. Phase 4 Objectives The next phase involves live implementation , with immediate priorities to: Establish the Nexus Scheme Owner (NSO) in Singapore to manage the system. Develop the Nex...