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.
The union representing over 10,000 Starbucks baristas announced strikes in Los Angeles, Chicago, and Seattle starting Friday, citing unresolved issues around wages, staffing, and schedules. The five-day strike is the latest in a series of escalating labor actions across service industries. Key Points Strike Scale: Workers United, the union representing Starbucks employees at 525 stores , plans to escalate walkouts, potentially involving hundreds of stores nationwide by Christmas Eve. Negotiation Deadlock: Talks began in April under a February framework, with nine bargaining sessions and agreements on 30+ topics to date. The union rejected Starbucks' offer of no immediate wage hike and a 1.5% increase in future years, calling it insufficient. The union is demanding a 64% immediate wage increase and 77% over a three-year contract , which Starbucks deems "unsustainable." Broader Labor Context Rising Labor A...