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.
Several high-profile names posted bullish opening gaps, with Best Buy (BBY) , Palo Alto Networks (PANW) , and Diageo (DEO) standing out for both price momentum and volume confirmation : Best Buy (BBY) jumped +3.20% amid optimism for stronger back-to-school demand and improving electronics retail data. Palo Alto Networks (PANW) climbed +3.06% on growing investor confidence in enterprise cybersecurity spend despite macro headwinds. Diageo (DEO) gained +3.10% , driven by improving consumption trends in premium alcohol categories, particularly across Asia. Stellantis (STLA) and Logitech (LOGI) also posted moderate gains with positive technical follow-through . Notable Gap-Downs: MUFG and Home Improvement Under Pressure Conversely, the downside gap list was led by financials and home improvement retailers: Mitsubishi UFJ Financial Group (MUFG) gapped lower following soft ea...