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.
South Korea’s household debt grew at an accelerating pace in the last quarter, a development that may prevent the Bank of Korea (BOK) from considering a near-term policy pivot when it meets later this week. Key Highlights: Rising Household Debt: Total household credit increased to 1,896 trillion won (approximately RM6.23 trillion) in the April-June period, marking a 1.9% rise from the previous year, according to the BOK. Mortgage loans, which are the primary driver of household credit, surged by 5.9% year-on-year to 1,093 trillion won. Impact on Monetary Policy: The increasing debt levels, particularly in the housing sector, are likely to strengthen the central bank's resolve to maintain the benchmark interest rate at 3.5%, a rate considered restrictive. The BOK is scheduled to meet on Thursday, and these developments suggest that a rate cut is unlikely in the near term. Housing Market Concerns: BOK Governor Rhee Chang-yong has previously expressed worries about rising househo...