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.
Pop Mart International Group Ltd moved to stabilise its share price with its largest-ever buyback , following a sharp selloff that erased US$11 billion in market value . Record Buyback to Restore Market Confidence The company repurchased 3.94 million shares worth HK$599.7 million (US$76.6 million) , marking its biggest buyback to date. This follows earlier buybacks of HK$347 million in January , which previously helped drive a ~50% rally in the stock. Earnings Shock Triggers Sharp Selloff Pop Mart shares plunged 31% over two sessions , reflecting investor concerns over: Slowing overseas growth momentum Increasing reliance on its flagship Labubu doll franchise The sharp decline prompted analyst downgrades and price target cuts , signalling weakening confidence in the company’s growth trajectory. Short Interest Signals Bearish Sentiment Despite the buyback, market sentiment remains cautious: Short interest stands at 16.8% of free...