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.
U Mobile is set to lead Malaysia’s second 5G network , following a strategic shift in its shareholding. Straits Mobile Investment Pte Ltd , a subsidiary of Singapore's ST Telemedia , has agreed to reduce its stake in U Mobile from 49% to 20% , increasing local ownership in the company. This move aligns with Malaysia's national priorities to strengthen local involvement in critical telecommunications infrastructure. U Mobile emphasized its commitment to local industry development and its goal of providing more affordable services through healthy competition in the 5G space. U Mobile will continue to innovate and deploy the second 5G network without relying on government funding, ensuring sustained competition and improved services for the public.