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.
KUALA LUMPUR (April 28): The FBM KLCI gained marginally today amid mixed sentiments, ahead of the Workers Day weekend and the release of U.S. gross domestic product (GDP) data. The benchmark index closed 0.14 points higher at 1768.06. Inter Pacific Securities research head Pong Teng Siew said the mixed performance was due to some profit-taking ahead of the extended weekend, but mitigated by weak U.S. gross development product forecasts, prior to the release of actual data by the Department of Commerce tonight. The upswing from earlier political development in France and first look of U.S. tax cut plan has also weakened, said Pong, slowing down gains in the U.S. and subsequently the regional markets. “You get a sense that the momentum from the U.S. market upswing is somewhat weakening, with a mixed picture all over. The upswing reaction, based on very little information other than political data, is not lasting. “Market is starting to adjust, and is...