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.
BHP Group, the world’s largest listed miner, is doubling down on its copper expansion strategy after reporting a better-than-expected 2% increase in annual underlying profit. The company's focus on copper aligns with its strategic emphasis on supporting the global energy transition, as demand for the metal is expected to surge. This shift comes after BHP’s unsuccessful $49 billion bid for Anglo American, which would have significantly expanded its copper portfolio. Key Takeaways: Copper Expansion as a Strategic Priority : BHP is committed to growing its copper business through existing projects in key regions like Chile, South Australia, and Argentina. The company’s copper output currently accounts for about 30% of its profits, a figure that is expected to rise significantly as BHP aims to produce over 500,000 metric tonnes annually by the early 2030s, up from 322,000 tonnes last year. The decision to focus on copper comes amid a challenging outlook for iron ore, traditionally BHP...