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.
Royal Philips NV has reduced its sales-growth forecast for 2024, citing sluggish demand from China , which has impacted the company's order intake. Philips now expects comparable sales growth of up to 1.5% for the year, a sharp decline from its previous forecast of up to 5% . The company saw a 2% drop in order intake during the third quarter, driven by the slowdown in China. The Dutch medical technology firm has been affected by China's anti-corruption campaign in the healthcare sector, which includes tighter scrutiny on local medical-technology procurement . The country has also imposed stricter requirements for domestic products in various categories, further affecting demand. Roy Jakobs, Philips' CEO, noted that uncertainty in China is likely to persist over the next few quarters , while the company continues to see solid growth in other regions globally. Philips reported adjusted operating earnings of €516 million ($557 million) for the third quarter, which ali...