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.
Shareholders of Ubisoft Entertainment SA are exploring a buyout strategy that would maintain the Guillemot family's control over the Assassin's Creed video game maker, sources told Reuters. Key Developments: Founding Family’s Role: The Guillemot family, Ubisoft’s largest shareholder, is in discussions with Tencent and other investors about financing a management-led buyout. The family has expressed a desire to retain its current level of control as part of any deal. Tencent’s Position: Tencent, Ubisoft's second-largest shareholder with a nearly 10% stake, is deliberating whether to participate in the buyout. The Chinese tech giant seeks greater influence over board decisions, including cash flow allocation, in exchange for its financial backing—a condition not yet agreed upon by the Guillemot family. Strategic Goals: Tencent aims to block potential hostile takeovers of Ubisoft by other investors and maintain its gaming business cooperation. However, it may ultimately dec...