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.
Bernard Arnault , the controlling shareholder of LVMH , has lost $37 billion from his fortune over the past 18 months, as a slump in Chinese demand for luxury goods hits the company's performance. LVMH, the world’s largest luxury conglomerate, has seen its market capitalization drop by more than €150 billion ($163 billion) , pushing Arnault to fifth place on the Bloomberg Billionaires Index , down from his previous position as the world’s wealthiest person. The downturn in luxury demand, particularly in China, has led to LVMH’s fashion and leather goods unit posting its first quarterly sales decline since the early stages of the pandemic in 2020. The drop in demand has been driven by concerns over China’s weak property market and uncertain employment outlook , prompting a decline in consumer confidence . Despite a stimulus package launched by Chinese authorities, there has been little improvement in consumer spending. LVMH’s share price fell by 7.5% on Wednesday, reaching a...