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.
Singapore's private home prices rose less than expected, while rents decreased in the second quarter, reflecting the impact of government measures aimed at cooling the real estate market. Key Points: Home Prices: Private home valuations increased by 0.9% from the previous quarter, lower than the earlier estimate of 1.1% and the 1.4% rise in the first quarter. Rental Market: Private rents fell by 0.8%, following a 1.9% drop in the previous quarter. This marks the third consecutive quarter of rent declines, although rents remain high after rising over 50% in the last four years. Government Measures: The government has implemented policies, including a 60% stamp duty on foreign property purchases, to cool the housing market. Market Resilience: Despite the cooling measures, local spending power remains strong, supporting demand. Bloomberg Intelligence analyst Ken Foong noted that "price growth is moderating" but healthy household balance sheets and families wanting to upg...