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 Highlights: Major Investment in Spain: Stellantis and Chinese battery maker CATL announced a €4.1 billion ($4.33 billion) investment to establish one of Europe’s largest EV battery factories in Zaragoza, Spain . Production is expected to commence by the end of 2026 , with an anticipated capacity of 50 gigawatt hours (GWh) — enough to power 700,000 cars daily . Strategic Location and Benefits: Spain is attractive for EV battery production due to its abundance of renewable energy , including wind and solar power, which are significantly cheaper than in central Europe. Renewable energies represent 77% of total installed capacity in the Aragon region , making it a prime location for sustainable manufacturing. Europe’s EV Push: Europe aims to reduce reliance on Asian battery makers and compete in the global green subsidies race . The project aligns with Spain’s €5-billion pl...