Defensive stocks lift Bursa at close

KUALA LUMPUR: 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 Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns.At 5pm, 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.Sedek noted that telecommunications stocks were also the primary drivers of the benchmark’s gains, supported by a relatively defensive earnings outlook. However, he said the market sentiment remained cautious following reports of Iranian missile strikes on US military facilities, which renewed concerns over the conflict in the Middle East and brought energy security back into investors’ focus.“While Brent crude prices have eased from their recent peaks, the geopolitical landscape remains unpredictable, limiting broader risk appetite,” he told Bernama.Meanwhile, he said investors also adopted a wait-and-see approach ahead of the Federal Reserve’s policy announcement and quarterly earnings from major US technology companies, with markets looking for confirmation that substantial AI-related capital expenditure was translating into stronger earnings and sustainable long-term growth.Among the heavyweight counters, CIMB Group added five sen to RM7.81, and IHH Healthcare rose one sen to RM8.35, while Maybank and Public Bank slid four sen each to RM10.86 and RM5.15, respectively.

Tenaga Nasional edged down six sen to RM14.60.As for the active stocks, Zetrix AI and VS Industry gained 1.5 sen each to 70.5 sen and 23.5 sen respectively, while Velesto Energy remained flat at 24.5 sen. Tanco Holdings and HHRG inched down 0.5 sen each to 25.5 sen and 13.5 sen, respectively. Among the top gainers, Nestle surged RM3.12 to RM96.78, United Plantations added RM1 to RM34, and Kuala Lumpur Kepong gained 22 sen to RM20.76.

Hong Leong Industries strengthened 22 sen…