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.
FedEx's Profit Forecast Takes a Hit Again: What Does It Mean for the U.S. Economy? FedEx is the latest company to signal a slowdown in the U.S. economy. For the third consecutive quarter, the global shipping giant has revised its profit forecast downwards, citing ongoing weakness and uncertainty within the U.S. industrial sector. Key Takeaways: Profit Outlook Cut : FedEx lowered its earnings forecast for fiscal 2025, now expecting profits between $18 and $18.60 per share, down from the previous range of $19 to $20 per share. Analysts had been expecting $18.93 per share. Continued Demand Weakness : The company's business-to-business shipments, which are typically higher-margin, are still feeling the strain. The freight division, in particular, has been hit hard with fewer shipments and lower weights, although the impact has softened somewhat compared to last quarter. Sales Projections : FedEx now expects sales to be flat or slightly lower year-on-year, signaling less-than-expe...