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.
Meituan , China's leading delivery platform, successfully raised US$2.5 billion through a two-tranche dollar bond deal , according to regulatory filings released on Wednesday. This marks the first offshore debt issuance by a Chinese technology company in 2024. The deal included a 3.5-year bond raising US$1.2 billion and a five-year bond raising US$1.3 billion . The final amount exceeded Meituan’s initial plan of US$2 billion due to strong investor demand. The 3.5-year bond was priced at three-year Treasuries plus 115 basis points , while the five-year bond was set at five-year Treasuries plus 125 basis points . This pricing came in tighter than the initial guidance given to investors, which had indicated spreads of 145 basis points and 160 basis points over Treasuries, respectively. Meituan, known for its wide range of app-based services such as bike-sharing , ticket-booking , and maps , has positioned itself as a key player in China's tech sector. This bond deal is si...