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: Super Micro Computer Inc. (SMCI) saw its shares soar 38% overnight after announcing a plan to maintain its Nasdaq listing status and the appointment of a new auditor. Details of the Announcement: New Auditor: The company’s board has appointed BDO USA, P.C. , an affiliate of BDO International , as its independent auditor. Compliance Plan: Super Micro has submitted a plan to Nasdaq , requesting additional time to meet its compliance standards . Next Steps: The company expects to finalize its annual report for the fiscal year ending June 30, 2024 , and its quarterly report for the period ending September 30, 2024 , within the grace period that Nasdaq may provide. Super Micro expressed confidence in its ability to become compliant with Nasdaq’s periodic reporting requirements . Market Impact: The proactive measures have boosted investor confidence , reflected in the sharp rise in the company’s share price.