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 Takeaways Wall Street rallies : S&P 500, Nasdaq, Dow & Russell 2000 all closed at fresh highs after Fed’s first rate cut since 2024. KLCI dips : Index fell 0.79% to 1,598.93 , staying below the 1,600 mark. Sunway deal : RM2.42B acquisition of MCL Land to expand regional property footprint. Glove sector pressure : China-backed capacity in Indonesia & Vietnam weighs on Malaysia’s exports. Ringgit outlook : Expected to end year at 4.10–4.15 vs USD. Wall Street Recap S&P 500 +0.5% , Nasdaq +0.9% , Dow +0.3% , Russell 2000 +2.5% . Fed cut benchmark rate to 4%-4.25% , signaling another 50 bps by year-end . Intel surged 22.8% on Nvidia’s $5B investment; Nvidia rose 3.5% . Bursa Malaysia FBM KLCI closed at 1,598.93 (-0.79%) , with mixed breadth (494 gainers vs 515 losers). Top gainer : MR DIY (+2.53%). Top loser : Nestlé (-2.96%). USD/MYR : 4.2035 (+0.18%). Sector Spotlight Gloves : Malaysia’s sha...