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.
Karex (5247.MY) jumped 12.4% to 95.5 sen at midday Thursday , valuing the world’s largest condom maker at just over RM1 billion , after CIMB Securities and AmBank Research both initiated coverage with “Buy” recommendations. CIMB: RM1.60 Target, Structural Earnings Upcycle Ahead CIMB assigned the most bullish target price of RM1.60 , highlighting a multi-year structural earnings recovery driven by the mass-market rollout of Karex’s patented nitrile synthetic condom . Global expansion: Karex’s exclusive partner (“Customer D”) has extended distribution to 18 countries , with a full global rollout in progress. Capacity growth: Production capacity for nitrile condoms is expected to increase fivefold to 900 million pieces annually by FY2028 . High margins: The nitrile product commands premium pricing and gross margins above 50% , supporting profitability. C...