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: PDD Holdings (NASDAQ) will release its Q3 2024 earnings on November 21, 2024 , before markets open. Analysts forecast strong revenue and earnings growth , driven by its e-commerce business and the success of the Temu platform . Consensus Estimates: Revenue: Projected at 103.70 billion CNY , up 50.64% year-over-year (YoY) . Earnings Per Share (EPS): Estimated at 19.77 CNY , a rise of 86.47% YoY . Key Drivers of Growth: E-Commerce Momentum: PDD’s innovative group-buying model and integration with social media have gained traction. Online marketing services revenue: Expected to grow 23.78% YoY to 49.12 billion CNY . Transaction services revenue: Forecasted to rise 81.84% YoY to 53.01 billion CNY . Temu Platform Strength: Temu sales: Estimated at $54 billion for 2024 , up from $15.33 billion in 2023 . Global Expansion: Temu’s rapid growth diversifies PDD’s revenue streams, reducing reliance on the Chinese market . Investor Confidence: David Tepper’s Appaloosa Mana...