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 Xiaohongshu’s valuation surged 19% in three months to US$31B , fueled by investor appetite for a TikTok alternative and renewed confidence in Chinese startups amid government support for private firms. Valuation Highlights Current Valuation : US$31B (as of June 2025) Previous Valuation : US$26B (March 2025) Growth : +19% in just three months Source : GSR Ventures fund portfolio filings reviewed by Bloomberg Drivers Behind the Surge TikTok Risks : U.S. ban threats push investors to back alternatives. Policy Support : Beijing’s pro-private sector stance revived sentiment. Dominance in Fund : Xiaohongshu made up 92% of GSR’s fund assets as of June. Investor Rotation : New LPs included LGT Capital Partners and Merit Asset Management ; some StepStone funds trimmed positions. Company Snapshot Founded : 2013 by Charlwin Mao Wenchao & Miranda Qu Fang Global Branding : Known as RedNote in the U.S. Positioning : Marketed...