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.
Korea Zinc Co chairman Choi Yun-beom, alongside Bain Capital, has acquired an additional 11% of the company’s shares through a recent buyback, according to a regulatory filing. Choi, backed by Bain, has been working to counter a takeover attempt from Young Poong Corp , the company's largest shareholder, and private equity firm MBK Partners . The takeover battle revolves around control of the world’s largest zinc producer . Following the buyback announcement, Korea Zinc shares surged by as much as 7.5% , building on last week's 52% increase . As of 9:45 a.m. in Seoul, shares were trading at 1,282,000 won (US$923, or RM4,032) , significantly above Choi’s 890,000 won buyback offer , indicating that investors are anticipating further developments in the ongoing control struggle. Shareholders representing 9.85% of Korea Zinc participated in the buyback offer, while Bain Capital acquired 1.41% . In total, Korea Zinc aimed to repurchase as much as 20% of the company’s shares . Befor...