KUALA LUMPUR, July 31 (Bernama) -- Bursa Malaysia ended higher on Friday as investors continued to accumulate blue-chip stocks in line with stronger performances across most regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.50 points to 1,724.90 from yesterday’s close of 1,720.40. The benchmark index opened 0.83 of a point higher at 1,721.23, and moved between 1,715.67 and 1,730.12 throughout the day. The broader market was positive with gainers outpacing losers 707 to 402, while 547 counters were unchanged, 1,085 untraded and 56 suspended. Turnover expanded to 3.03 billion units valued at RM3.56 billion from 2.49 billion units valued at RM2.25 billion on Thursday.
PepsiCo Inc has reached an agreement with activist investor Elliott Investment Management that includes plans to slash its US product lineup by 20% and step up its focus on affordability, while also preparing layoffs as part of a broader cost-cutting push. The deal marks an early resolution between PepsiCo and Elliott, which built a roughly US$4 billion stake earlier this year and publicly pushed for changes, arguing the company’s sprawling brand portfolio and weakening beverage share were holding back performance. PepsiCo shares were little changed in late trading. The stock is down 4.2% year-to-date through Monday, compared with a 16% gain for the S&P 500. Elliott Pushes Simplification and Margin Improvement Marc Steinberg, partner at Elliott, said the agreed-upon plan “will drive greater revenue and profit growth.” Elliott will continue to engage with PepsiCo but did not secure a board seat as part of the agreement. Peps...