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.
BS Group CEO Piyush Gupta announced on Wednesday that the bank is in the process of raising its stake in a China securities joint venture from 51% to 91% , as part of its strategic move to strengthen its presence in China's capital markets. This announcement follows a series of aggressive measures by China aimed at revitalizing its struggling economy and capital markets. DBS confirmed that it is acquiring the stakes being sold by its Chinese JV partners, though the transaction is still subject to regulatory approval . Gupta emphasized that DBS plans to maintain a 91% holding in the JV platform, while continuing to leverage the value its Chinese partners bring to the business. DBS joins other foreign banks like JPMorgan and Morgan Stanley in increasing stakes in China’s securities JVs, following the lifting of the country’s foreign ownership cap . The move comes as China’s sluggish economy and markets have pressured the profitability of securities companies. However, the recen...