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.
SkyeChip Sdn. , a semiconductor design firm, is reportedly considering an initial public offering (IPO) in Malaysia, targeting a valuation of over 1 billion ringgit (approximately $226 million ). The company is aiming to launch the IPO in the second half of 2025 , though the timing and offering size may change as discussions continue. Key Points : Company Background : Founded in 2019, SkyeChip specializes in chip design, and is well-positioned to benefit from Malaysia's growing semiconductor ambitions. The government is keen to support local companies in designing their own chips , with a goal to achieve 1.2 trillion ringgit in semiconductor exports by 2030 . Malaysia's Semiconductor Goals : Malaysia, which packages around 10% of the world's semiconductors, has signed a $250 million agreement with SoftBank Group’s Arm Holdings to gain access to semiconductor licenses and expertise...