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.
Stock Surge Kelington Group Bhd ( KGB ) shot up nearly +5% to RM4.39 on Tuesday morning — a new all-time high — as investors cheered news of a potential foothold in Europe . Current price (9:30am) : RM4.34 YTD Gain : ▲24% Market Cap : >RM3B European Breakthrough Kelington received a letter of intent from an existing Malaysian client for a semiconductor hook-up project in Dresden, Germany , potentially worth up to €50 million (RM244M) . Hook-up refers to the installation of utility and process systems in wafer fabs. RHB Research sees this LOI as a "precursor to a contractual agreement" with work set to begin immediately . Big Picture: Riding the Chip Boom Kelington is capitalizing on the EU’s Chips Act , which is driving a boom in semiconductor fabs across Europe. Major players like TSMC, Intel , and the European Semiconductor Manufacturing Consortium are fueling demand for engi...