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.
Foreign investors are exiting Indonesian stocks for the 15th straight session , marking an equity outflow of US$891 million (RM3.96 billion) so far in November, according to Bloomberg data. This has pushed the nation’s benchmark equity index to the brink of a correction, dropping 9% from its record high on Sept 19 . The retreat is fueled by a stronger US dollar and higher treasury yields , triggered by expectations that President-elect Donald Trump’s policies will heighten US inflation and limit Federal Reserve rate cuts . The rupiah has weakened 1% this month, while foreign investors have also sold US$810 million worth of Indonesian government bonds , poised for their first monthly outflow since April . “What was initially a major tailwind for ASEAN , such as a weaker dollar and lower rate...