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.
Pavilion Real Estate Investment Trust (PAVREIT) and KLCC Stapled Group (KLCC) continue to dominate the luxury shopping scene in Kuala Lumpur , despite the much-anticipated opening of The Exchange TRX Mall , according to Kenanga Investment Bank . In a recent report, Kenanga revealed that both footfall and sales at TRX Mall have dropped since its initial opening. Many retailers are struggling, with most failing to generate monthly sales above RM1 million. The report suggests that high-net-worth individuals in the Klang Valley still prefer shopping at Pavilion KL and Suria KLCC , largely drawn by their central locations and iconic status, such as the Petronas Twin Towers . While TRX Mall made a big debut in November 2023 with over 400 stores, including flagship brands like Tiffany & Co and Nike , as well as Malaysia’s first Apple Store , the hype appears to be fading. A Kenanga survey found that only 13% of 25 retailers reported a rise in shoppers compared to the start of 202...