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.
China’s luxury market could recover within the next 24 months as the country’s economy strengthens, according to Bulgari CEO Jean-Christophe Babin. While Bulgari’s brick-and-mortar sales in China have slowed, online channels continue to perform well, reaching a broader customer base, including smaller cities. Babin’s outlook comes as luxury brands worldwide, from Swiss watchmakers to fashion labels, face challenges attracting Chinese consumers. LVMH saw a 16% drop in sales in the China region in Q3, while Kering SA warned that annual profit could hit its lowest since 2016 due to Gucci's 25% sales drop amid China’s post-Covid economic slowdown. Babin highlighted Bulgari’s focus on the women’s watch market and in-house manufacturing capabilities as factors allowing the brand to adjust to shifting demand, even in challenging markets like China.