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.
Profit Trails Consensus; Analysts Turn Cautious Fraser & Neave Holdings Bhd (KL:F&N) shares dropped nearly 3% to RM27.90, a two-month low, after its third-quarter net profit came in at only 68% of consensus full-year estimates , prompting analysts to temper expectations. The miss has ended the stock’s streak of unanimous ‘buy’ calls, with CIMB Securities downgrading to ‘hold’ citing muted earnings prospects and stretched valuations after a six-month rally. Key Factors Driving Sentiment Earnings Miss: Weaker international sales dragged results below forecasts. Valuation Concerns: Recent price gains have priced in its defensive business model. Guidance: Analysts expect a “flattish” 4Q on softer exports despite stronger Malaysian margins. Stock Performance Price: Fell 72 sen to RM27.90, lowest since June 11. Year-to-Date: Up ~15% since February, outperforming the broader market amid tariff headwinds. Analyst Views Split Five of six re...