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.
Gapping Up: FedEx (FDX.US): Stock surged 8.6% after the company exceeded fiscal Q2 earnings expectations and announced plans to spin off its freight business. Eli Lilly and Co (LLY.US): Shares climbed 5.5% , buoyed by increasing confidence in its obesity treatments competing in a high-demand market. Gapping Down: Nike (NKE.US): Shares dropped 7.4% despite strong Q2 results, as the company highlighted guidance concerns linked to "severe issues." Novo-Nordisk A/S (NVO.US): Fell 18% after its next-gen obesity drug CagriSema delivered weight loss results below expectations in a late-stage trial. Tesla (TSLA.US): Declined 5% , impacted by a 40.9% drop in European Union registrations in November compared to last year. Trump Media & Technology (DJT.US): Slipped 5.5% after an SEC filing revealed Donald Trump transferred his stake in the company int...