KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
Nintendo Co shares rose by as much as 3.9% on Monday after a senior executive from Saudi Arabia’s Public Investment Fund (PIF) suggested the fund is open to increasing its stake in Japanese game companies, including Nintendo.
The stock saw its largest gain in over a week, outpacing the broader market, after Kyodo News reported that the Arab Gulf nation's PIF is considering deploying more capital to Nintendo and other gaming sector peers. Prince Faisal bin Bandar, vice-chairman of PIF subsidiary Savvy Games Group, indicated that the fund would favour such moves with the backing of the companies themselves.
Saudi Arabia, aiming to diversify away from its oil-dependent economy, is focusing on becoming a global player in the gaming industry. The kingdom has committed US$38 billion (RM162.32 billion) to its ambitions, betting on its potential to become a hub for video gaming. The PIF, with US$760 billion in assets under management, already holds an 8.6% stake in Nintendo and has made substantial investments in other gaming giants like Tencent, Activision Blizzard, and Kakao Entertainment.
On Monday morning, other Japanese game sector stocks also rose, with Nexon Co up 3%, Capcom Co rising 2%, and Koei Tecmo Holdings Co gaining 2.8%.
Analysts, such as Ryoutarou Sawada from Tokai Tokyo Intelligence Laboratory, expect this interest in gaming companies to continue as part of Saudi national policy, which also aims to attract gaming and tech companies to the Middle East. The PIF's backing of a Dragon Ball-themed park near Riyadh underscores the kingdom's broader efforts to invest in content creation and tourism.
Analysts like Tomoaki Kawasaki from Iwaicosmo Securities believe that a larger Saudi stake in Nintendo could align well with the company's goals, opening up new growth opportunities in the kingdom and beyond.
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