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.
After a couple of slow years, Asia’s IPO market shows signs of a turnaround. Chinese firms are increasingly exploring IPOs in Hong Kong , driven by a nearly 20% rise in the Hang Seng Index this year, marking its first annual gain since 2019. Meanwhile, India is seeing a record year in funds raised from IPOs, with more deals planned, and Tokyo’s stock market is witnessing notable listings . Hong Kong IPOs raised around $9 billion this year , a substantial increase from $5.6 billion in 2023 , the lowest since 2001. Companies such as Jiangsu Hengrui Pharmaceuticals, Chery Holding, Foshan Haitian, SF Holding, and Dmall are reportedly considering Hong Kong IPOs. This interest follows notable listings like Midea Group’s $4.6 billion IPO and China Resources Beverage’s debut . In India, IPO momentum continues, with Hyundai Motor India raising $3.3 billion in the nation’s largest IPO to date. LG Electronics, Swiggy, HDB Financial Services, and Carraro’s Indian unit are among those eyeing f...