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 Eric Trump, EVP of the Trump Organization, called China “a hell of a power” in crypto despite its 2021 ban on digital token trading. He spoke at the Bitcoin Asia conference in Hong Kong , highlighting both China and the US as the two “bitcoin superpowers.” Eric Trump predicted bitcoin could reach US$1 million in the coming years, urging long-term holding. Comments come as US President Donald Trump seeks a summit with Xi Jinping , following sweeping global tariffs earlier this year. China’s Role in Crypto While China has officially banned cryptocurrency trading since 2021, residents have continued to circumvent restrictions , keeping the country influential in global digital asset markets. Trump and investor David Bailey suggested China remains a key player, though neither provided detailed reasoning. US Stance Under Trump Administration The US has taken a sharply different approach, with President Trump actively embracing the indu...