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Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
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DiDi to Become Second-Largest Shareholder in NavInfo Subsidiary AutoAi

Chinese ride-hailing giant DiDi Global is set to become the second-largest shareholder of AutoAi, a subsidiary of state-backed mapping firm NavInfo. DiDi will exchange cash and its smart driving and cockpit unit for a 16.5% stake in AutoAi, while NavInfo will remain the largest shareholder with 27%. The deal, valued at 450 million yuan (approximately US$62 million), allows DiDi to significantly reduce its involvement in the highly competitive electric vehicle (EV) manufacturing sector.

Key Takeaways:

  1. Strategic Stake in AutoAi: DiDi Global will acquire a 16.5% stake in AutoAi, a subsidiary of NavInfo focused on intelligent cockpit technology, by contributing its smart driving unit and additional cash.

  2. Shift Away from EV Manufacturing: The move aligns with DiDi's strategy to pull back from the fiercely competitive EV market, following the sale of its EV development business to Xpeng in 2023.

  3. Valuation and Shareholding Structure: The deal values DiDi's subsidiary at 450 million yuan, solidifying NavInfo as the largest shareholder with 27%, while DiDi becomes the second-largest at 16.5%.

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