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.
Two of the world’s largest chipmakers, TSMC and Samsung Electronics, are in discussions to build large-scale semiconductor projects in the United Arab Emirates (UAE), potentially worth over US$100 billion (RM421.1 billion), according to a report by the Wall Street Journal (WSJ).
Top executives from TSMC have recently visited the UAE, exploring the possibility of constructing a plant complex similar to some of the company’s largest and most advanced facilities in Taiwan. Meanwhile, Samsung Electronics is also considering establishing significant chip-making operations in the UAE in the coming years, according to the report.
While TSMC told Reuters it has no new investment plans to announce at this time, the company remains open to discussions that could promote the development of the semiconductor industry. Samsung declined to comment on the report.
Under initial discussions, the projects would be funded by the UAE, with Abu Dhabi-based sovereign development vehicle Mubadala playing a central role. The broader aim is to increase global chip production, potentially lowering prices without undermining the profitability of chipmakers.
As technological deals accelerate in the region, there are growing concerns from Washington that the UAE and other Middle Eastern countries could become conduits for advanced US AI technology reaching China. These potential projects remain in the early stages, with several technical and logistical hurdles still to overcome.
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