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.
Hyundai India has kicked off its US$3.3 billion initial public offering (IPO) in Mumbai, marking India's largest-ever share sale and the world's second-largest IPO of 2024. This major deal reflects the ongoing strength of India's capital markets , which have seen 260 companies raise more than US$9 billion so far this year, surpassing the total raised in 2023, according to LSEG data. The IPO will see Hyundai Motor's South Korean parent company sell up to 17.5% of its stake in its wholly-owned Indian subsidiary, valuing Hyundai India at up to US$19 billion . This sale will account for about 40% of Hyundai Motor's market capitalization . Notably, no new shares will be issued as part of the offering. The share price is set between 1,865 to 1,960 rupees , with institutions bidding starting Monday and retail investors placing orders on Tuesday and Wednesday . The stock is scheduled to begin trading on Oct 22 in Mumbai, marking Hyundai's first listing outside ...