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.
Warren Buffett’s Berkshire Hathaway has lifted its stake in Mitsui & Co to above 10%, strengthening its position in Japan’s powerful trading houses and signaling continued confidence in the sector. Market Snapshot Mitsui : Berkshire stake now above 10%; shares jumped as much as 2.2%. Peers : Mitsubishi, Itochu, Marubeni, and Sumitomo also gained in Tokyo trading. Sector backdrop : Trading houses’ diversified businesses help weather volatile commodity cycles and boost shareholder returns. Background Buffett first revealed stakes in Japan’s top five trading houses (sogo shosha) in 2020. The companies span industries from liquefied natural gas to salmon farming. Berkshire originally capped holdings at under 10%, but firms later agreed to relax the ceiling. Earlier this year, Buffett also raised his stake in Mitsubishi beyond 10%. Analyst View SBI Securities analyst Ryunosuke Shibata said Buffett’s latest move is a clear signal: “The fact that the ‘god of investi...