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.
China's top lawmakers approved a plan to gradually raise the retirement age for the first time since 1978, aiming to slow the decline in the labor force and address the challenges of an aging population. This change, set to begin on January 1, 2025, will be implemented gradually over 15 years. Key Changes: Men's Retirement Age: Will increase from 60 to 63. Women's Retirement Age: Will rise from 50 and 55 to 55 and 58, depending on their roles (ordinary workers or management positions). Rationale and Expected Impact: The adjustment is intended to counter demographic pressures on China's economy by allowing people to work longer. The move is expected to help stabilize the workforce and reduce the strain on the pension system. A gradual implementation aims to minimize potential public backlash and economic disruption amid an already slowing economy. From 2030, workers will also need to contribute to their pension accounts for longer periods, with the eligibility period g...