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 International Finance Corporation (IFC), the private investment arm of the World Bank, achieved a record $56 billion in investments during its financial year ending June 2024, marking a 28% year-on-year increase, according to managing director Makhtar Diop. This surge in commitments, which includes both short- and long-term financing as well as mobilized funding, reflects the impact of internal reforms spearheaded by World Bank president Ajay Banga to accelerate lending across the organization.
Diop attributed the growth to streamlined processes and the decentralization of decision-making, allowing directors in local regions more autonomy in fund deployment. These efforts aim to spur economic growth and reduce poverty in developing countries, aligning with the IFC's broader mission.
Looking ahead to FY2025, the IFC is targeting $62 billion in investments, with a particular focus on infrastructure, especially in roads and transportation, and supporting sub-sovereign entities like municipalities. Diop highlighted the potential for significant investments in public-private partnerships (PPPs), which would help municipalities deliver essential services such as schools and healthcare while promoting greener cities.
In addition to infrastructure, the IFC plans to increase its equity investments, moving away from traditional loans and bonds. Diop expressed interest in acting as a cornerstone investor to help companies go public on domestic stock markets, although he acknowledged the need to balance these higher-risk investments with the IFC's AAA credit rating. The goal, he said, is to prepare companies for public listing, allowing the IFC to exit its investments once they are publicly traded.
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