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.
Key Takeaways Stock Plunge: Cambricon Technologies fell nearly 9% Friday, its steepest drop since April, after cautioning investors that its recent share-price surge had outpaced fundamentals. Rally Context: Shares had soared 134% since late July, far outstripping the CSI 300 Index’s 8% gain, amid a broader AI-driven market rally in China. Warning: The company cited “non-existent pipeline products,” ongoing US sanctions, and the challenges of moving up the technology value chain as risks. Guidance: Revenue for 2025 is projected at 5–7 billion yuan , versus 1.2 billion yuan in 2024 , highlighting strong top-line growth expectations. Market Dynamics Cambricon’s filing underscores growing official and corporate caution over China’s AI-chip stock frenzy. Regulators have already signaled concern as retail investors dominate trading and banks tighten scrutiny on stock-funded credit usage. Peer firm Dosilicon suspended trading Friday due to “unusual f...