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.
Sunway Bhd (KL:SUNWAY) and Singapore-listed Sing Holdings Ltd have emerged as the top bidders for a second residential site in Chuan Grove, Singapore, with an offer of S$623.91 million (RM2.05 billion) . Key Developments Bid details: The offer equates to S$1,331 per sq ft per plot ratio , 2.9% above the second-highest bid at the Sept 4 tender close. Site capacity: The 156,000 sq ft parcel can accommodate about 505 homes . JV structure: A 35:65 joint venture (Sunway: Sing Holdings) will be appointed as the developer, pending regulatory approvals. URA approval: Singapore’s Urban Redevelopment Authority retains the right to reject the highest or any bid. Expansion in Chuan Grove This marks the second land win for the JV in Chuan Grove after securing an adjacent parcel in July. The two sites will be amalgamated into a 1,055-unit integrated development across five blocks. The project adds to Sunway’s Singapore pipeline of...