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.
Key Takeaway: Asian currencies and stocks tumbled as the US dollar hit a one-year high on trade policy concerns following Donald Trump's election victory. Asian markets saw significant declines, with currencies like the ringgit, Thai baht, and Indonesian rupiah hitting multi-month lows. The ringgit recorded its fourth consecutive loss , while Malaysia’s and Thailand’s trade-dependent economies faced heightened risks from potential tariff hikes on exports to the US. The Philippine stock index fell 2.3% , marking its seventh straight loss, with Jakarta’s index down over 1% . DBS analysts noted that Indonesia and India , with economies more reliant on domestic demand, showed relatively more resilience against tariff fears. Key Market Reactions: Outflows increased in Malaysia and Thailand, with their currencies losing approximately 4% since the US election . Indonesia’s central bank pledged to monitor and intervene to stabilize the rupiah, which remains less impacted than other r...