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.
HSBC Holdings Plc, Standard Chartered Plc, and Singaporean banks are set to report earnings amid a backdrop of tepid loan growth, presenting challenges for their financial performance. Key Points: HSBC & Standard Chartered: Net Interest Margins: Hong Kong banks, including HSBC and Standard Chartered, are under pressure due to falling Hibor rates, impacting net interest margins (NIMs). Leadership and Revenue: HSBC’s incoming CEO Georges Elhedery faces the challenge of increasing revenue in a falling rate environment and is expected to focus on cost-cutting efforts. Standard Chartered is likely to meet the higher end of its net interest income guidance for 2024 due to a supportive rate environment. Buybacks: Both banks are anticipated to announce new share buybacks, with Standard Chartered expected to announce a US$1 billion share buyback. Singapore Banks (OCBC & UOB): Loan Growth: Overall lending may pick up in the second half of the year, although weak business demand could...