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Market Daily Report: Bursa Malaysia Ends Nearly Flat As Construction Stocks Attract Buying

 KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
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Volvo Car Adjusts Sales Forecast Due to China EV Tariff Concerns

Key Points:

  • Sales Forecast Adjustment:

    • Volvo Car AB lowered its 2024 sales growth forecast to 12%-15%, down from at least 15%.
    • The adjustment is due to uncertainties related to the EU-China trade conflict over EV subsidies.

  • Impact of Trade Conflict:

    • The EU's trade spat with China affects Volvo, as it makes electric vehicles in China and could face tariffs.
    • CEO Jim Rowan cited uncertainty around trade tariffs and their potential impact on demand as reasons for the forecast adjustment.

  • Second-Quarter Performance:

    • Despite the trade issues, Volvo had a strong second quarter.
    • Operating income rose to 8 billion kronor ($758 million), beating analysts' expectations of 6.6 billion kronor.
    • The company saw strong demand for its electric and plug-in hybrid models and maintained good pricing and cost discipline.

  • Future Plans:

    • Volvo's EX30, a compact electric SUV made in China, has been in high demand.
    • Production of the EX30 will begin at Volvo's Ghent, Belgium plant next year.

CEO Commentary:

  • Jim Rowan remains optimistic, aiming for the high end of the revised sales range.
  • Volvo holds a strong pricing position in the market.

Volvo Car continues to navigate challenges posed by international trade tensions while maintaining robust performance in the EV market.

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