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.
India and Singapore have signed agreements to enhance collaboration in semiconductors and digital technologies, positioning themselves as significant players in a reshaped global chip supply chain amid US-China tensions.
Key Highlights:
Strengthening Chip Ties: During Indian Prime Minister Narendra Modi's two-day visit to Singapore, the two countries agreed to cooperate on semiconductor talent development, chip design, and manufacturing, and to encourage Singaporean tech investment in India. They will also enhance collaboration in cybersecurity, 5G networks, supercomputing, and artificial intelligence (AI).
Strategic Positioning in Global Chip Supply Chain: As geopolitical tensions between the US and China disrupt the global chip market, India and Singapore are positioning themselves as beneficiaries. Both nations are looking to leverage the creation of stand-alone supply chains by China and Western countries, which could lead to new business opportunities in a market projected to reach US$588 billion this year.
India's Ambitious Semiconductor Push: India's semiconductor industry is still developing, but Modi's government aims to transform the country into a technology superpower with a strong semiconductor ecosystem. India has announced a US$21 billion plan to enhance its semiconductor capabilities, with US$15 billion in chipmaking investments already pledged this year.
Singapore’s Established Semiconductor Role: Singapore has a long-standing role in the semiconductor sector, hosting major chip manufacturing plants and international companies like NXP Semiconductors NV and Micron Technology Inc. The city-state is recognized for its robust semiconductor research, engineering talent, and venture capital availability for startups.
Mutual Benefits: Closer ties with India could allow Singaporean companies to access South Asia’s expanding market, while Singapore’s experience in memory chips and logic processors can help India accelerate its semiconductor industry growth. Singapore's Minister for Foreign Affairs, Vivian Balakrishnan, highlighted Singapore's significant global semiconductor manufacturing capability, which India is keen to study and emulate.
Modi's efforts reflect a broader ambition to make India a key player in global technology and semiconductor markets, supported by strategic partnerships and significant investments in building a robust domestic semiconductor industry.
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