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.
Berkshire Hathaway Inc. continued to reduce its Apple holdings in the third quarter, marking a nearly 60% reduction in its stake since the start of 2024. Despite a 10.6% rise in Apple shares during Q3, Berkshire trimmed its position by 25%, following a nearly 50% cut in Q2. This strategic reduction has left Berkshire's Apple stake valued at $69.9 billion , down from $174.3 billion last year. Some key insights include: Apple’s Challenges: Apple faces hurdles like sluggish iPhone sales , increasing antitrust scrutiny , and AI competition . Recent AI updates were delayed, impacting investor confidence. Reasons for the Reduction: Analysts suggest that the move could be tax-related or portfolio rebalancing as Apple’s stake grew outsized in Berkshire’s portfolio. Cathy Seifert of CFRA noted it was “reasonable to lighten that exposure a bit.” Berkshire’s Cash and Equity Moves: Berkshire’s cash reserves reached $325.2 billion , with Buffett signaling caution in spending. Additiona...