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.
Southeast Asian leaders urged for a speedy agreement on a code of conduct for the South China Sea , grounded in international law, while demanding an immediate halt to violence in Myanmar and the start of inclusive peace talks to end its civil war. The call was part of the ASEAN chairman's statement , reflecting the consensus of the 10-member Association of Southeast Asian Nations (ASEAN) following meetings that concluded on Friday in Laos. These meetings included key diplomats from the United States, Russia, China, Japan, India, and South Korea . Rising confrontations in the South China Sea , particularly between China and ASEAN members like the Philippines and more recently Vietnam , have intensified concerns. China claims almost the entire waterway, a vital passage where US$3 trillion in trade flows annually. ASEAN’s statement emphasized the need for confidence-building measures to reduce risks of accidents and miscalculations in the South China Sea. It also noted "pos...