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.
STMicroelectronics reported a US$133 million loss in Q2 , marking its first quarterly loss in more than 10 years , as restructuring and impairment costs weighed heavily on its bottom line— missing analyst expectations by a wide margin. Shares in the Franco-Italian chipmaker plunged 11% in early trade, setting course for their worst trading day since July 2024 . What Went Wrong? Analysts had forecast a profit of US$56.2 million , but instead STMicro posted a US$133 million loss . The company revealed US$190 million in restructuring and impairment charges . Excluding those costs, STMicro says it would have posted a US$57 million profit . A Manufacturing Model Under Pressure STMicro’s 80% reliance on in-house manufacturing has turned into a burden during the slowdown, leading to underutilized factories and higher labor costs — unlike peers like Infineon or NXP...