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.
Levi Strauss announced on Wednesday that it is considering a sale of its underperforming Dockers brand , prompting its shares to fall 10% in extended trading . The move comes as the company seeks to focus on growing its core Levi's brand and its activewear line, Beyond Yoga . "We are narrowing our focus to realise the full potential of the Levi's brand and accelerate Beyond Yoga. As a result, we are evaluating strategic alternatives for the Dockers business," said CEO Michelle Gass during the post-earnings call. The company has retained Bank of America as its financial adviser for the strategic review of Dockers, which saw a 15% decline in sales in the third quarter. Dockers contributed about 5% to Levi’s total quarterly revenue of US$1.52 billion , which missed analysts' estimates of US$1.55 billion . Despite the underperformance of Dockers, Levi’s direct-to-consumer channel saw 10% growth , driven by strong demand for women's denim clothing. Levi expe...