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.
Stock Reaction SharpLink Gaming (SBET.US) dropped 15.5% Friday after weak Q2 results and a heavy non-cash hit tied to its Ethereum holdings. Earnings Snapshot Revenue : $0.7M (↓ from $1.0M YoY) Gross Profit : $0.2M Net Loss : $103.4M , mainly due to: $87.8M non-cash impairment on liquid staked Ethereum (ETH) $16.4M non-cash stock-based compensation (linked to a strategic advisory deal with Consensys) Treasury Strategy: Big Bet on ETH Q2 marked SharpLink’s pivot to Ethereum as its primary reserve asset . Raised $2.6B via capital offerings Acquired 728,804 ETH , nearly all staked Earned ~1,326 ETH in staking rewards to date Boosted its ETH Concentration metric by 98% in weeks Co-CEO Joseph Chalom said this strategy positions SharpLink “at the center of a transformational opportunity in global finance and technology.” Investor Takeaway Core business weak : declining sales and shrinking gross profit ETH strategy dominat...