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.
Chinese IT Firm Picks Banks for Second Listing Amid China’s Market Shift Unisplendour Corp, a Beijing-based IT services provider, is planning a second listing in Hong Kong to raise around US$1 billion (RM4.42 billion) to fuel its overseas expansion. BNP Paribas SA, China Merchants Bank International, and CSC Financial Co have been tapped as lead banks for the offering, with more banks potentially joining the deal. The company confirmed it is exploring equity financing in Hong Kong but has not finalized the plan or a listing timeline. China’s IPO Shift to Hong Kong Chinese firms are increasingly turning to Hong Kong for capital as China limits domestic stock sales to stabilize its equity market. Other major Chinese companies seeking Hong Kong listings include: Contemporary Amperex Technology Co Ltd (CATL) – the world’s largest battery maker Jiangsu Hengrui Pharmaceuticals Co – a major drugmaker Foshan Haitian Flavour...