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.
Crocs Inc. saw its shares drop by as much as 16% in US premarket trading after the shoemaker reduced its sales growth expectations and warned of significant declines in its casual HeyDude brand. Despite the crucial back-to-school shopping period , Crocs reported flat sales growth in the third quarter. The company now expects 2024 sales growth of just 3% , the low end of its previous guidance range of 3% to 5% . Weighing down revenues is the HeyDude brand, with full-year sales expected to fall by 14.5% compared to last year, a steeper decline than the previous guidance of 8% to 10% . Crocs CEO Andrew Rees acknowledged the difficulties facing the brand, stating, “ HEYDUDE’s recent performance and the current operating environment are signaling it will take longer than we had initially planned for the brand to turn a corner.” Crocs had experienced a resurgence in popularity over the past few years, following endorsements from celebrities like Justin Bieber and Post Malone , wh...