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.
Tesla’s first European factory , located in Gruenheide, Brandenburg , has been a source of controversy despite generating thousands of jobs and millions in tax revenue. Now, public discontent surrounding the plant may help the far-right AfD (Alternative for Germany) party secure a win in the state elections on Sunday. The €5 billion (US$5.5 billion) factory, which opened in March 2022, has faced backlash from local residents, with concerns about its impact on the region’s groundwater . In a non-binding referendum in February, residents overwhelmingly rejected a proposal to expand the facility. Despite this, a scaled-down version of the expansion was approved in May by the local parliament, with only the AfD and a left-wing party opposing it. Local activist Manuela Hoyer criticized the decision, saying the government favored Elon Musk over environmental concerns. The AfD, currently leading in the polls with 28% , has capitalized on this discontent, positioning itself as a protest vo...