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.
Malaysia Corporate Wrap | Genting Eyes RM6.7b Buyout, Malakoff Secures Mitsubishi Deal, HeiTech Contract Revised
Genting Bhd – Plans RM6.7 Billion Buyout of Genting Malaysia Genting Bhd (KL:GENTING) has proposed to privatise and delist Genting Malaysia Bhd (KL:GENM) through a RM6.7 billion cash offer at RM2.35 per share , representing a 10% premium to its last traded price. The buyout is conditional on increasing Genting’s stake above 50% from its current 49.36%. If successful, it would mark Genting Malaysia’s exit from Bursa Malaysia after nearly four decades. The move coincides with Genting Malaysia’s bid for a US$5.5 billion casino licence in New York , with a decision expected by Dec 1 and licence awards by Dec 31 . Malakoff Corp – Secures Turbine Supply from Mitsubishi Power Malakoff Corp Bhd (KL:MALAKOF) has signed a reservation agreement with Mitsubishi Power for two M701JAC gas turbines to support its planned 1,400MW gas-fired power plant in southern Peninsular Malaysia. The agreemen...