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.
Alibaba Group Holding Ltd.’s majority stake in Sun Art Retail Group Ltd , a leading Chinese hypermarket chain, is drawing interest from private equity (PE) firms , according to sources familiar with the matter. Potential buyers, including DCP Capital and Hillhouse Investment , are reportedly considering purchasing part or all of Alibaba’s 79% stake in Sun Art. The shares of Sun Art have surged by 28% this year , giving the company a market value of approximately US$2.2 billion . The stock was temporarily suspended from trading in Hong Kong on Friday, pending an announcement related to the takeovers and mergers code . In addition to DCP and Hillhouse, Alibaba’s stake may also attract interest from other international buyout funds . These discussions are still in the preliminary stages, and it is not guaranteed that a deal will materialize. While DCP and Sun Art declined to comment, spokespeople for Alibaba and Hillhouse have yet to respond to inquiries. Alibaba acquired its control...