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 UK government reported a smaller-than-expected budget deficit in November , offering a brief respite for Finance Minister Rachel Reeves , who faces mounting challenges to balance public finances amid a slowing economy and rising inflation. Key November Borrowing Figures Public Sector Net Borrowing : £ 11.249 billion , lower than the £ 13 billion forecast by economists polled by Reuters. A £1.8 billion reduction in inflation-linked debt compensation due to a 0.3% fall in the retail price index (RPI) in September helped narrow the deficit. Year-to-Date Borrowing April–November 2024/25 Financial Year : Borrowing totaled £ 113.2 billion , similar to the same period in 2023/24. Despite November’s improved figures, borrowing has exceeded expectations in eight out of 11 months in 2024. Challenges Ahead for Reeves Fiscal Rules Under Strain : Reeves pledged to balance day-to-day spending with tax revenues by the end of the decade. P...