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: US GDP rose 2.4% in Q4 2024, higher than the previous 2.2% estimate, signalling stronger-than-expected economic momentum at year-end. The upgrade was driven by net exports, government spending, and business investment . However, consumer spending growth was revised down to 4%, still solid but less robust than initially reported. The Fed’s preferred inflation gauge — core PCE — was revised down to 2.6% , a small but notable relief as markets brace for the February PCE report on Friday. Another key indicator, Gross Domestic Income (GDI) , surged 4.5% , marking a notable rebound from the previous quarter. The average of GDP and GDI stood at 3.5% , the best in a year. Jobless claims remained steady, suggesting the labour market is still resilient , with continuing claims dropping to a one-month low. Still, economic forecasts for 2025 remain cautious , with concerns growing over...