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.
Petroliam Nasional Bhd (Petronas) has approved RM1.9 billion in funding for over 300 oil and gas services and equipment (OGSE) vendors through its Vendor Financing Programme (VFP), introduced in 2018. This initiative aims to enhance the financial resilience of vendors amid a rapidly changing energy landscape. Key Points: Renewal of the Vendor Financing Programme (VFP) : During the OGSE Partners Day, Petronas signed a Memorandum of Understanding (MOU) with nine panel financial institutions to renew the VFP, emphasizing the need for agility and resilience among OGSE players to navigate industry changes and contribute to national development. Support for Smaller Vendors : Alongside the VFP, Petronas offers additional support through the Special OGSE (SOS) Financing Programme, in collaboration with Malaysian Industrial Development Finance (MIDF). Since 2022, this program has approved RM49 million for over 30 applicants. Road to Bursa Programme : Petronas also promotes local business growth...