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.
China is considering injecting up to one trillion yuan (US$142 billion) into its largest state banks to enhance their ability to support the country’s struggling economy, according to sources familiar with the matter. This move, potentially funded through the issuance of new special sovereign bonds, would mark the first major capital injection into China’s banks since the 2008 global financial crisis . Despite the fact that China’s top six banks already exceed capital requirements, the injection is aimed at replenishing capital after recent cuts in mortgage rates and key policy rates intended to revive the economy. These banks, including Industrial & Commercial Bank of China Ltd (ICBC) and Bank of China Ltd (BOC) , have been grappling with record-low margins , shrinking profits, and rising bad debt due to economic pressures. Li Yunze, China’s top banking regulator, hinted earlier this week that measures would be taken to boost core Tier 1 capital at the nation’s major banks, a...