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.
Visits to Genting Bhd's Resorts World Genting (RWG) have not yet returned to pre-pandemic levels, despite a stronger second-quarter performance, according to Phillip Capital. Revenue for the second quarter of FY2024 (2QFY2024) grew by 3%, and core net profit rose 15% year-on-year (y-o-y), supported by an increase in tourist visitations due to visa-free travel. Key Takeaways: Growth in Revenue and Profit : RWG saw hilltop visitations reach 5.9 million in 2QFY2024, an 11% y-o-y increase, with a significant number of tourists from Singapore. In the US, Resorts World Las Vegas recorded revenue of $218 million and EBITDA of $50 million. Overall, Genting’s EBITDA for 2QFY2024 rose 10% y-o-y, with an improved EBITDA margin due to reduced losses in investments. Improved Financial Performance : For the first half of FY2024, Genting's core net profit, excluding impairment and fair value losses, increased by 145% y-o-y to RM884 million, reaching 52% of Phillip Capital's full-year fore...