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.
The Malaysian government has rolled out multiple initiatives to boost local electric vehicle (EV) production and support the country's transition to a greener automotive industry . Deputy Minister of Investment, Trade, and Industry Liew Chin Tong highlighted these measures in Parliament, aiming to meet rising local EV demand and achieve Net Zero goals under the National Industrial Master Plan 2030 . Key Incentives Tax Exemptions : Full import and excise duty exemptions for imported EVs until Dec 31, 2025 . Full tax exemptions on domestically produced EVs until Dec 31, 2027 . Road tax exemptions for EV users until the end of 2024 . Tax Reliefs : Income tax allowance or pioneer status for energy-efficient vehicle (EEV) manufacturers, including EV components. Individual tax relief of up to RM2,500 for EV charging insta...