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 Hit New All-Time Low Bermaz Auto Bhd (KL:BAUTO) slid to a record low on Friday after reporting quarterly earnings that badly missed expectations, triggering a wave of analyst downgrades. The stock fell as much as 9% to 61.5 sen before paring slightly to 62.5 sen at 10am, with nearly 10 million shares traded. Year to date, Bermaz has lost around 60% of its market value, wiping out over RM1 billion in capitalisation. Quarterly Earnings Shock Net profit in the most recent quarter came in at just 5% of consensus full-year forecasts, forcing analysts to sharply revise down estimates. The poor showing prompted two more research houses to cut their recommendations to “sell,” bringing the tally to eight sell calls, six hold, and only two buys. Public Investment Bank noted that Malaysia’s non-national passenger vehicle segment is under pressure from weaker consumer confidence, higher costs due to fuel subsidy rationalisation, and inflationary headwinds. Competitive Pressure from Ch...