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.
Key Takeaways: Stricter Semiconductor Monitoring : Malaysia will implement more stringent regulations on semiconductor shipments following U.S. pressure, particularly around high-end Nvidia chips. U.S. authorities have raised concerns that some of these chips, which are critical for artificial intelligence (AI) and data centers, are being diverted to China, circumventing export controls. U.S. Demands Tight Tracking : U.S. officials have asked Malaysia to ensure that Nvidia chips entering the country are carefully monitored, guaranteeing that servers carrying these chips reach their designated data centers and do not end up being rerouted. Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz confirmed these demands, stating that the U.S. is pushing for more detailed tracking of chip movements. Recent Legal Actions : The call for stricter regulations comes after a legal case in Singapore, where companies were accused of illicitly supplying U.S. s...