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.
China could raise its fiscal deficit ratio to a record high , potentially signaling its commitment to achieving this year’s growth target of around 5% , according to economist Jia Kang . Jia, a former head of a Ministry of Finance-affiliated research institute, suggested that the fiscal deficit could be capped at around 4% of GDP , up from the current 3% . Such a move could unlock between 4 trillion yuan ($570 billion) and 10 trillion yuan in stimulus, combining both government and private investment. This would complement the series of recent measures aimed at reviving demand in the world’s second-largest economy , which have included interest rate cuts , property market support , and even cash handouts . The possible increase in public spending has fueled optimism in the Chinese stock market , which has rallied significantly. Investors are now closely watching the next steps from the Ministry of Finance, as expectations for additional fiscal support grow. Economists warn that Beij...