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.
Unilever is making "drastic" changes in its Indonesian operations , according to Chief Financial Officer Fernando Fernandez , as the company grapples with consumer boycotts of multinational brands in response to the ongoing war in Gaza . These boycotts have worsened the company's distribution challenges in the region. Unilever, known for brands like Dove , Knorr , and Ben & Jerry's , first reported in February that Southeast Asian sales had taken a hit due to Indonesian shoppers boycotting multinational brands, linked to the geopolitical situation in the Middle East . Speaking after delivering slightly better-than-expected quarterly sales, Fernandez said Unilever plans to make its brands more "contemporary" to adapt to the significant societal changes taking place in Indonesia. He expects improvement over the next six months. Unilever’s Indonesian unit reported an 18% drop in third-quarter revenue , largely driven by a decline in volumes. CEO Hein...