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.
Sales of Mazda and Kia vehicles are anticipated to rise in the coming months, despite a weaker-than-expected first quarter for Bermaz Auto Bhd (KL ) . Analysts remain optimistic, noting the company's above-average dividend yield of 10% and a proposed investment in EP Manufacturing Bhd (KL ) as positive factors. Bermaz Auto's net profit for the first quarter ended July 31, 2024 (1QFY2025), represented only about 23% of the consensus full-year estimate. However, RHB Investment Bank (RHB IB) maintains a 'buy' call on the stock, highlighting that the first quarter is typically a weaker period for the company. The decline in sales was partly attributed to a higher base of comparison from the previous year, driven by significant shipments of Mazda 3, Mazda 6, and imported CX-3 vehicles to clear backlogged orders during the Covid-19 pandemic. Looking ahead, Bermaz Auto's sales are expected to be primarily supported by its volume-heavy, locally assembled Mazda models, ...