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.
A wave of disappointing economic data from China is fueling pessimism among stock traders, who are increasingly skeptical that authorities will implement robust stimulus measures to stabilize the economy. Data released on Saturday (Sept 14) revealed that China's factory output, consumption, and investment all slowed more than expected in August, while the jobless rate climbed to a six-month high. Additionally, home prices fell compared to the previous month. “There is a fear that the authorities are losing control of the economy and won’t admit it,” said Gary Dugan , CEO of the Global CIO Office . “The market looks set to go to significantly lower levels in the absence of real, substantial new policies.” Concerns about Beijing's hesitance to take decisive action have weighed heavily on the nation's stock markets. The CSI 300 Index fell to its lowest point since early 2019 last week, while the Hang Seng China Enterprises Index in Hong Kong has dropped 13% since its May...