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.
Despite beer sales in Malaysia not fully recovering to pre-COVID-19 levels, analysts remain optimistic about Carlsberg Brewery Malaysia Bhd's (KL) growth prospects, attributing this to the company's strategic focus on premium products. Key Highlights: Volume vs. Premiumization: Carlsberg’s beer sales volume remains below pre-pandemic levels, affected by soft consumer sentiment and inflationary pressures. However, the company’s focus on premium brands such as Brooklyn Pilsner, Connor’s, and 1664 is expected to drive growth. Last year, Carlsberg also signed agreements to license and distribute Sapporo beers in Malaysia and Singapore, replacing its previous agreement for Asahi products. Analyst Sentiment: Despite the cautious response from investors following the recent results, which aligned with consensus estimates, analysts are largely positive. Seven out of nine research houses have a 'buy' call on the stock, with the consensus 12-month target price at RM23.32, indic...