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.
Key Takeaway: VSTECS Bhd shares jumped 13% after reporting a 53.79% increase in net profit and record-high revenue for 3QFY2024, driven by strong consumer and enterprise product sales. VSTECS Bhd’s shares surged to RM3.60, marking a 40 sen rise, after the company posted an impressive 53.79% year-on-year jump in net profit to RM19.58 million for 3QFY2024. Revenue hit a record RM841.76 million , up 30.22%, supported by product launches and a recovery in both consumer and enterprise segments . Other positive contributors to earnings included a 66% reduction in financial impairments and a 53% drop in tax expenses . Earnings per share increased to 5.5 sen from 3.6 sen last year, while VSTECS declared an interim dividend of 2.8 sen per share . VSTECS’s stock gained investor attention, with a trading volume of 475,100 shares, exceeding its 10-day average.