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.
Key Highlights : Microsoft's Write-Down : $800 million impairment announced by Microsoft (MSFT.US) , marking a 40% loss on its $2 billion investment in General Motors' (GM) Cruise unit, initially valued at $30 billion. The write-down reflects Cruise's decline after losing its California robotaxi license in October 2023 , following a high-profile incident involving a pedestrian. GM's Strategic Shift : Cruise operations to merge with GM's driver assistance division, ending its run as a standalone entity. GM owns approximately 90% of Cruise , but its exact financial hit is unclear due to varying investment levels since 2016. Impact on Stocks : GM : Shares fell 1.3% following the news, reflecting investor concerns about the failed robotaxi strategy. Microsoft : Shares were up 1.28% despite the write-down, as the company’s overall business remains robust. Tesla and Alphabet : Tesla (TSLA.US) surged 5.9% , hitting a...