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.
Key Takeaway: Nebius Group NV ( NBIS ) surged after announcing a multi-billion-dollar infrastructure agreement with Microsoft (MSFT) , a deal analysts say validates the neocloud model and could pave the way for more partnerships with hyperscalers and AI firms. Deal Overview Nebius signed a US$17.4 billion agreement with Microsoft through 2031 , with the potential to rise to US$19.4 billion if additional services are added. The deal will provide dedicated cloud capacity to Microsoft from a new Vineland, N.J. data center starting later this year. The structure allows Microsoft to expand Azure cloud capacity without significant capital expenditure, while Nebius will finance its data-center buildout through cash flows from the deal and debt secured against the contract . Analyst Views Validation Moment: D.A. Davidson analyst Alex Platt called the agreement a turning point for Nebius, noting it positions the ...