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.
Starbucks baristas represented by the Workers United union began a five-day strike in Los Angeles, Chicago, and Seattle on Friday, citing unresolved disputes over wages, staffing, and schedules. The action involves over 10,000 workers and comes amidst rising labor activism in the service industry. Key Issues and Background Labor Actions Surge: This strike follows a year of significant labor movements, with industries like automotive, aerospace, and rail seeing notable concessions won by workers. In 2023, there were 33 work stoppages , the highest since 2000. Negotiations Stalled: Talks between Starbucks and Workers United began in April , but the union claims the company has yet to propose a serious economic offer with just two weeks left before the year-end contract deadline. Starbucks insists it has reached agreements on over 30 topics in nine bargaining sessions. Union Demands: The union is pushing fo...