KUALA LUMPUR: Bursa Malaysia rebounded to close higher yesterday 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 5pm, the FBM KLCI rose 3.08 points to 1,715.56 from Tuesday’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.
Mohd Sedek noted that telecommunications stocks were also the primary drivers of the benchmark’s gains, supported by a relatively defensive earnings outlook. —Bernama
