KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
BMW AG is urging Berlin to oppose the implementation of significantly higher European Union (EU) tariffs on Chinese-made electric vehicles (EVs), aligning itself with other German automakers who are wary of jeopardizing their most crucial market.
“Additional tariffs harm globally active companies in this country and could provoke a trade dispute from which no one gains,” stated BMW CEO Oliver Zipse in a press release on Wednesday. “The German government should therefore take a clear position.”
EU member states are set to vote on Friday regarding the imposition of definitive tariffs as high as 45% on imported EVs from China. To block these tariffs, a qualified majority—15 member states representing 65% of the EU’s population—would be required.
German officials indicated on Tuesday that the government intends to abstain from the vote rather than actively opposing it. They expect a significant number of EU member states to follow suit, potentially complicating efforts to block the tariffs.
Germany is advocating for a negotiated solution in the ongoing discussions between the EU and China. German Chancellor Olaf Scholz and French President Emmanuel Macron are scheduled to discuss the tariffs in Berlin on Wednesday.
The European Commission, which serves as the bloc’s executive arm, proposed these tariffs following an investigation that concluded China unfairly subsidizes its EV industry.
German automotive manufacturers have widely rejected the proposed tariffs, expressing concerns that they could harm sales in China, the largest car market for German brands, should Beijing retaliate with countermeasures.
Mercedes-Benz Group AG CEO Ola Källenius has been vocal in advocating for open markets in recent months, while Volkswagen AG CEO Oliver Blume has repeatedly highlighted the risks of a potential trade conflict with China.
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