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.
Apple Inc. has proposed investing nearly $10 million to boost local manufacturing in Indonesia, aiming to remove a ban on its latest iPhone 16, according to insiders. The proposal suggests building a factory in Bandung with local suppliers to produce accessories and components for Apple devices. Key Points: Investment Proposal : Apple submitted this investment plan to Indonesia’s Ministry of Industry after the iPhone 16 was blocked due to unmet local content requirements. Local Production Push : Apple’s investment would fulfill Indonesia’s mandate for 40% domestic content in smartphones and tablets, part of President Prabowo Subianto’s broader strategy to increase domestic manufacturing. Industry Concerns : While Indonesia’s government views Apple’s move as a win, the pressure on foreign companies might deter new investments or expansions, especially as some firms look to shift away from reliance on China. Background: Indonesia previously enforced similar policies, barring sales of Goo...