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.
Several Chinese companies are in discussions with Malaysian authorities regarding potential investments in Perlis, particularly in the Chuping area near Padang Besar, according to the Malaysian Investment Development Board’s ( MIDA ) Kedah and Perlis director, Mohd Rushdan Mohd Ghazali . The proposed investments are expected to focus on the electric vehicle (EV) industry. "These potential new investments in Perlis may take time. We cannot estimate when Perlis will receive the investments because it is still in negotiations," Mohd Rushdan mentioned during a MIDA dialogue session with the Perlis Tiong Hwa Chamber of Commerce and Industry . He noted that the Chuping Valley Industrial Area is centered around four key clusters: the green industry, halal industry (including pharmaceuticals), EVs, and renewable energy . Additionally, Mohd Rushdan highlighted that many companies, particularly from China, are also looking at Kulim and Sungai Petani in Kedah for investments in the...