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.
Swedish EV battery maker Northvolt has filed for Chapter 11 bankruptcy protection in the US, delivering a major setback to Europe’s efforts to reduce reliance on Chinese battery manufacturers. Key Developments Northvolt reported it has just US$30 million in cash , enough to operate for about a week, and US$5.8 billion in debts. It has secured US$100 million in new financing for the bankruptcy process as part of a US$245 million package . Operations will continue during restructuring, which is expected to conclude by Q1 2025 . Why It Matters Northvolt, seen as Europe’s best hope for a homegrown EV battery industry , has faced mounting challenges, including production issues, loss of a major customer, and funding shortages. The crisis underscores the stiff competition from China , which controls 85% of global battery-cell production (International Energy Agency). Stakeholder Impact Volkswagen (21% shareholder): Monitoring the situation closely but has declined to comment on potential...