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.
Shares of Padini Holdings Bhd (KL:PADINI) tumbled on Thursday after the apparel retailer reported its weakest fourth-quarter earnings since 2009, raising concerns over consumer spending power and rising costs. Steep Earnings Decline 4QFY2025 net profit: RM6.98 million, down 73.5% YoY from RM26.31 million. This marks Padini’s lowest quarterly profit in 16 years . Revenue contracted, driven by weaker same-store sales growth and cautious consumer sentiment. Market Reaction The stock dropped 7.2% (–15 sen) to RM1.93 , its lowest since March 2025. Market value stood at RM1.9 billion at the time of writing. Analyst Downgrades and Revisions Kenanga Research Cut FY2026 earnings forecast by 3% . Lowered target price to RM2.35 (from RM2.45). Maintains “Outperform” , citing: Value-for-money apparel appeal among budget-conscious consumers. Strengthening MYR could reduce import costs. Strong net cash supports inventory eff...