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: Scomi Energy Services Bhd is in preliminary talks with a new "white knight" investor to formulate a regularisation plan, aiming for submission by Jan 31, 2025 . Scomi Energy, a PN17 company, has entered initial discussions with another investor after its previous deal with Dhaya Maju Infrastructure fell through. The company’s regularisation plan deadline is approaching, with end-January 2025 as the target. This comes after Scomi’s external auditor, Crowe Malaysia , issued a disclaimer of opinion on the financial statements for FY2024, citing insufficient audit evidence and expressing doubts about the company’s ability to continue as a going concern if the new regularisation plan is not successfully implemented. The company has been in PN17 status since January 2020 and has faced ongoing financial struggles, narrowing its net loss to RM742,000 in FY2024 from RM86.16 million the previous year. However, it reported negative operating cash flow and rising a...