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.
More than 700 Swedish companies declared bankruptcy in September, marking a 17% increase from the previous year, according to data from credit reference agency Creditsafe . This uptick follows a 3% annual decrease in bankruptcies reported in August, signaling a concerning trend for the nation's economy. Real Estate Sector Hardest Hit The real estate sector faced particularly severe challenges, with bankruptcies in this industry more than doubling during the month. Despite a general sense of optimism regarding an economic recovery—fueled by the central bank's decision to reduce borrowing costs—this positive sentiment has yet to manifest in increased business activity. Henrik Jacobsson , CEO of Creditsafe in Sweden, noted, “This uncertainty continues to put pressure on businesses in Sweden.” Ongoing Economic Struggles Jacobsson highlighted rising unemployment and the necessity for many companies to lay off staff as critical issues. He pointed out that investments in the Swed...