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.
Revenue Surprise Lifts Stock Starbucks (SBUX) shares rose 4% in after-hours trading after the coffee chain reported fiscal third-quarter revenue of $9.46 billion , a 4% increase year-on-year and above analysts’ expectations of $9.29 billion. Adjusted earnings dropped 46% to $0.50 per share , affected by $0.1 1 in one-off leadership and tax-related costs. Turnaround Momentum Building CEO Brian Niccol said the company is “ahead of schedule” in its turnaround plan after six consecutive quarters of earnings declines. He added that 2026 will bring “a wave of innovation” to drive growth and enhance customer experience. Sales Performance A 1% increase in average ticket size helped offset a 2% decline in global same-store sales , which came in slightly worse than the 1.5% decline analysts had expected. Market Perspective: Starbucks’ ability to beat revenue expectations despite weaker traffic highlights the strength of its brand and pricing s...