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.
Apollo Global Management Inc. has proposed a multibillion-dollar investment in Intel Corp., signaling confidence in the chipmaker's ambitious turnaround strategy, according to sources familiar with the matter. The alternative asset manager has offered an equity-like investment of up to US$5 billion (RM21.02 billion), although the size of the deal could change, and talks may not result in a final agreement.
Intel, led by CEO Pat Gelsinger, has been executing an expensive plan to revitalize its business with new products and technologies, aimed at attracting outside customers. However, a series of weak earnings reports has dampened confidence and slashed tens of billions of dollars from Intel's market value.
This potential investment comes as Qualcomm Inc. is reportedly considering a friendly takeover of Intel, which could result in one of the largest M&A deals in history.
Apollo has a pre-existing relationship with Intel, having agreed in June to purchase a stake in a joint venture for US$11 billion, which supports Intel’s expansion of its factory network in Ireland. Additionally, Apollo led a US$900 million investment in Western Digital Corp. last year, showcasing its experience in the chipmaking sector.
Representatives from Apollo and Intel have declined to comment on the discussions.
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