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.
Here is a summary of key corporate announcements from Tuesday’s market news: FGV Holdings will suspend trading on August 15 as Felda’s shareholding surpasses 90% , triggering a privatization. Felda’s offer remains at RM1.30 per share , the same price as its 2020 bid. Paramount Corp is acquiring a 28% stake in Envictus International Holdings, the operator of Texas Chicken and San Francisco Coffee, for S$38.33 million (RM126.32 million) . The purchase marks Paramount’s entry into the F&B sector. Zetrix AI confirmed it has exited the foreign worker permit renewal business following the expiry of its contract. The service has now shifted to the National Integrated Immigration System, run by HeiTech Padu, Zetrix’s associate. Bursa Malaysia posted a 29% decline in 2Q net profit to RM57.06 million due to lower securities revenue. The group declared a 14 sen dividend and is maintaining its...