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.
Kioxia Holdings Corp, the Japanese memory chipmaker backed by Bain Capital, Toshiba Corp, and Hoya Corp, has cancelled its plans for an October IPO on the Tokyo Stock Exchange, according to a report from Reuters. The IPO, anticipated to raise around US$500 million (RM2.07 billion), was expected to be one of Japan’s largest this year.
The decision to shelve the IPO comes as Kioxia faces increasing competitive pressure from rivals like Samsung Electronics and SK Hynix, particularly after falling behind technologically. The company had been planning the IPO to secure funds to bolster its operations and benefit from rising chip prices.
This is not the first time Kioxia has halted IPO plans, as the company similarly canceled a listing in October 2020. In addition to its IPO efforts, Kioxia has been involved in on-again, off-again merger talks with Western Digital Corp, further complicating its strategic outlook.
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