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.
The Malaysian government is considering an increase to the ceiling price of local white rice , currently set at RM2.60 per kg since 2008, in response to an ongoing rice shortage , said Agriculture and Food Security Minister Datuk Seri Mohamad Sabu . With the floor price of paddy rising from RM900 to RM1,300 per tonne, the current price of rice may no longer be sustainable. Mohamad highlighted that industry feedback suggests the current ceiling price is uncompetitive , and discussions with stakeholders are ongoing. A report on cartel activities in the rice and paddy sector, prepared by the Malaysia Competition Commission , will soon be reviewed to aid in comprehensive reforms. The government is also exploring standardized rice pricing across all states , with a detailed study on new adjustments expected soon to ensure stable prices and fair income for rice farmers nationwide.