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.
Chinese companies should exercise caution when purchasing US-made chips, as they are "no longer safe," according to a rare coordinated statement from four of China’s leading industry associations. These organizations are urging businesses to prioritize domestic alternatives, marking an escalation in trade hostilities between the world’s two largest economies. The warning follows the latest round of US restrictions on Chinese semiconductor firms, announced Monday, targeting 140 companies, including chip equipment manufacturer Naura Technology Group. This marks the third crackdown on China’s chip industry in as many years. The tensions come as US President-elect Donald Trump prepares to return to the White House in January, vowing to revive tariffs on Chinese goods, reigniting a trade war reminiscent of his first term. Industry Bodies Take a Stand The associations represent key Chinese sectors, including telecommunications, semiconductors, and the digital economy, encompassing ...