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 Takeaways: Global Economic Concerns : Asian stocks dropped on Friday, closing the week on a subdued note as deepening geopolitical tensions and fears of the U.S. tariffs’ impact on global growth weighed heavily on investors. This uncertainty kept gold near record highs, with traders seeking safe-haven assets. Central Banks Hold Steady : The U.S. Federal Reserve, Bank of Japan (BOJ), and Bank of England all opted to maintain their interest rates this week, reflecting the cautious stance of policymakers amid growing global economic uncertainty, largely driven by U.S. trade policies under President Trump. Rising Geopolitical Tensions : Israeli airstrikes on Gaza and Ukrainian drone strikes on Russian military sites heightened global tensions, pushing investors towards safer investments like gold. Focus on U.S. Tariffs : Investors are particularly on edge ahead of the U.S. administration’s planned tariff hikes on April 2. These reciprocal tariffs could further escalate inflation ...