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 (TSLA) is on pace for its worst day since 2020 , with shares down 15.43% . The electric vehicle giant's stock is now erasing its post-election gains , leaving investors to wonder if this is just a temporary setback or a sign of deeper trouble. Key Factors Behind the Drop: Disappointing Sales Data : Tesla’s sales figures have missed expectations, particularly in Europe , where deliveries for the Model 3 and Model Y have been below target in key markets such as Germany, France, Norway, and Spain . While the U.K. has shown stronger performance, concerns over weak demand in other regions are weighing on the stock. Musk’s Distractions : Investors are increasingly concerned that Elon Musk is losing focus on Tesla, especially with his role as the head of the Department of Government Efficiency . Musk’s attention has shifted toward government-related efforts, including j...