KUALA LUMPUR, Aug 21 (Bernama) -- Bursa Malaysia ended little changed on Friday, as investors remained cautious amid renewed pressure on global bond yields and geopolitical tensions, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.23 points to 1,736.48 compared with Thursday’s close of 1,736.71. The benchmark index opened 0.63 of a point lower at 1,736.08, and fluctuated between 1,733.13 and 1,738.30 throughout the day. On the broader market, losers outpaced gainers 637 to 578, while 571 counters were unchanged, 1,086 untraded and 47 suspended. Turnover decreased to 3.91 billion units valued at RM3.32 billion from 4.28 billion units valued at RM4.01 billion on Thursday.
Aston Martin Lagonda Global Holdings Plc has revised its guidance for the year, citing supply chain disruptions and weak demand in China as key factors impacting its performance. The luxury sports-car manufacturer now anticipates annual sales to be approximately 1,000 vehicles lower than previously expected. Adjusted earnings before interest, tax, and amortization are projected to fall slightly below last year's figures, and Aston Martin no longer expects to generate positive free cash flow in the latter half of the year.
This outlook adjustment reflects a broader trend in the automotive industry, with major manufacturers like Volkswagen AG, Mercedes-Benz Group AG, BMW AG, and Stellantis NV also reducing their forecasts due to declining demand in China.
Aston Martin is grappling not only with a downturn in sales but also with delayed component deliveries, leading to longer production times for its vehicles. The company, which was rescued by billionaire Lawrence Stroll in 2020, has faced multiple capital raises under his leadership. Stroll aims to revitalize the brand by introducing new models more frequently and leveraging the excitement surrounding Formula One racing.
The guidance cut marks the first significant decision from newly appointed CEO Adrian Hallmark, who previously led Bentley Motors Ltd. Hallmark is tasked with steering Aston Martin back to profitability, although the company has acknowledged that it will not meet its earlier target of a 40% gross margin for this year.
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