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.
Retail investors are back in full force , fueling a new wave of meme stock rallies —this time centered around names like Opendoor, Kohl’s, GoPro, and Krispy Kreme . As U.S. markets hover near record highs, traders are diving into highly shorted, speculative stocks , hoping for the next big squeeze. What's Driving the Surge? It’s not fundamentals . Most of these companies are facing operational challenges, profit pressures, or leadership issues. Instead, social media influencers (finfluencers) are calling the shots, and retail traders are piling in. According to Citadel Securities, retail buying has continued for 19 straight sessions , the longest since the original 2021 meme stock craze. Goldman Sachs data shows 25% of trading volume in non-profitable tech firms now comes from retail— a record high . Case-by-Case Breakdown: Opendoor (OPEN) Previously trading below $1, risking delisting. Jumped 312% in six days after hedge fund ...