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.
After months of deep corrections and industry pessimism, Malaysia’s glove sector is showing early signs of a turnaround—offering investors an opportunity to accumulate select counters at multi-year low valuations . In the latest sector review, market analysts highlighted that glove manufacturers are currently trading at -2 standard deviations below their 1-year forward P/B average , a level that typically signals deep-value territory. Valuations Reflect Fear, Not Fundamentals Despite the sector being in a down-cycle, companies like Hartalega (HARTA) and Kossan Rubber (KOSSAN) continue to post profits and maintain operational stability. With HARTA trading at 1.3x P/B and KOSSAN at 1.0x , their valuations appear overly depressed—especially in light of improving demand visibility. Unlike previous downturns where companies dipped into the red, most glove players today remain operationally resilient, supported by leaner inventories and more dis...