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 Takeaway: Tesla’s newly launched “standard” trims for the Model 3 and Model Y came in higher than investors hoped, triggering a sell-off as markets priced in softer sales and no major innovation surprise. Market Reaction: Sell the News Tesla (TSLA.US) closed 4.45% lower , while leveraged bull ETF TSLL fell 8.83% , and bear ETF TSLQ gained 8.96% after the EV maker revealed lower-priced versions of its best-selling vehicles. Wall Street expected deeper cuts or brand-new models , but the new trims — while cheaper — stayed closer to $40,000 than $30,000 , failing to reignite the “mass-market” enthusiasm investors were hoping for. “We view the announcements as a big disappointment,” said CFRA analyst Garrett Nelson, citing likely sales declines in Q4. New Prices: Lower, but Not Low Enough Tesla rebranded its entry-level options as “ standard ” trims: Model Y Standard: US$39,990 (previously ~US$45,000) Model 3 Standard: ...