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
Bosch CEO Stefan Hartung anticipates minimal growth in the global car and commercial vehicle markets this year and next, attributing the sluggish demand to factors lower than the industry predicted five years ago.
"Demand on the car market globally is lower than the industry expected five years ago," Hartung said during the IAA Transportation trade fair in Hanover, Germany. He mentioned that Europe is projected to produce several million fewer cars than anticipated five years ago, and he expects it will take a few years for demand to recover.
European carmakers are currently grappling with high labor and energy costs, compounded by increasing competition from lower-cost Asian rivals. For example, Volkswagen, Europe's largest carmaker by sales, recently stated that it is considering shutting some plants in Germany for the first time in its history as part of a cost-cutting strategy to stay competitive against Asian competitors.
Hartung also noted a slowdown in the growth of the electric vehicle (EV) market. Although battery electric car sales are increasing compared to last year, the growth is slower as consumers shift to plug-in hybrids, particularly in China. Despite this, Bosch remains committed to its electrification strategy, acknowledging that market corrections are a normal part of the process.
However, Hartung did not rule out the possibility of further job cuts at Bosch sites, including large-scale reductions, due to clients postponing their EV parts orders. In February, Bosch announced it would cut around 3,500 jobs in its home appliance division by 2027, and in April, it warned of additional cost cuts and staff reductions.
Global automakers are scaling back their electrification targets in response to declining demand for full EVs, caused by a lack of affordable models, slow deployment of charging infrastructure, growing trade tensions, and increased competition from Chinese manufacturers.
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