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.
Korea Zinc Co. announced it is reconsidering a $1.8 billion share sale plan following significant pushback from regulators and investors . This update comes after the share sale plan, proposed shortly after a substantial buyback, sparked an investigation and led to a stock sell-off. The company stated during its quarterly earnings call that it is "seriously considering" investor concerns and will provide further updates after more internal discussions. Reports suggest that Korea Zinc’s board may reach a decision by Wednesday. The proposed share issue would see shares sold at 670,000 won each — a 33% discount to the market price — with proceeds earmarked for debt repayment. However, investors view the sale as an effort to bolster shareholder support in a months-long battle between major shareholder factions .