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.
Malaysia's ringgit climbed on Monday, reaching its highest level in over three years, boosted by additional Chinese stimulus measures that lifted sentiment for regional currencies. The ringgit rose as much as 0.6% , making it the best performer among emerging Asian currencies, trading at 4.099 per US dollar . China's stimulus has had a positive effect, as it remains a significant trading partner for the region. The ringgit’s stellar quarterly performance, with an impressive 12.6% gain , makes it the top-performing currency in emerging Asia, driven by factors like foreign investor inflows , economic growth , and political stability . OCBC currency strategist Christopher Wong expressed optimism for the MYR outlook , citing strong economic fundamentals , a current account surplus , and foreign inflows . Chinese stocks surged 6% following the stimulus announcements, which are expected to halt the economic downturn. China's central bank announced it would lower mortgage r...