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.
Shares of Tanco Holdings plunged sharply after a temporary price floor was removed, triggering a renewed wave of selling pressure. Sharp Sell-Off Resumes The stock fell as much as 40% intraday to 12 sen , its lowest level in nearly 29 months , before recovering slightly. Last traded: 14.5 sen Volume: 284 million shares traded Among the most active counters on Bursa Malaysia Key trigger: The lapse of an exchange-imposed lower-limit floor , which had briefly stabilised the stock. From High Flyer to Collapse Tanco’s recent volatility has been extreme: +600% rally since 2024 Peak market cap: >RM10 billion (June 2026) Current market cap: ~RM889 million More than 90% value wiped out in days , marking one of the sharpest reversals in recent Bursa history. What Caused the Volatility? Several factors contributed to the sharp swings: Speculative momentum-driven rally Exchange queries on unusual trading activity Rapi...