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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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Intel Affirms Commitment to Mobileye, Denies Plans for Stake Divestment

 

Intel Corp has confirmed it has no plans to sell its majority stake in Mobileye Global, the autonomous driving technology firm, boosting Mobileye's shares by over 13%. The announcement comes in response to earlier reports suggesting Intel was considering selling a portion of its stake, which had led to a significant drop in Mobileye’s stock earlier this month.

"We believe in the future of autonomous driving technology and in Mobileye's unique role as a leader in advanced driver assistance systems," Intel stated, reaffirming its support for the company it acquired for US$15.3 billion in 2017. Intel still holds around 88.3% of Mobileye’s common stock as of December 30, according to Mobileye's annual report.

Mobileye shares have faced significant challenges, dropping 73% this year, exacerbated by choppy demand for its driver-assistance chips, particularly due to market weakness in China. The company was forced to cut its revenue and profit forecasts in August.

Meanwhile, Intel has been navigating its own challenges, with a focus on restructuring its business around its chip foundry unit and artificial intelligence processors. Despite these efforts, Intel's shares have struggled, impacted by job cuts, a suspended dividend, and a notable board member resignation.

However, a recent chip-making deal with Amazon’s cloud division could provide a boost to Intel's manufacturing business, helping the company compete more effectively with industry giants like Taiwan Semiconductor Manufacturing Co.

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