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.
China led the global market, with sales rising by an impressive 47.9% to 1.12 million vehicles, surpassing its record set in August. Meanwhile, European EV sales grew by 4.2% to 0.3 million units, with significant growth in the United Kingdom (up 24%), as well as gains in Italy, Germany, and Denmark.
In contrast, growth in the U.S. and Canadian markets remained more modest, with a 4.3% increase to 0.15 million vehicles. The upcoming Nov. 5 election in the U.S. has led to uncertainty, making it difficult to predict future trends in the region, according to Rho Motion’s data manager, Charles Lester.
Chinese automakers are continuing their push into the European Union despite facing challenges such as import duties of up to 45% and cooling global demand for electric vehicles. Chinese and European manufacturers faced off at the Paris car show, highlighting the competition between the regions.
Despite positive growth trends, Rho Motion has revised its future estimates for European EV sales, forecasting 3.78 million vehicles in 2025 and 9.78 million in 2030, which are 24% and 19% lower than previous projections. This revision reflects challenges in achieving intermediate carbon emission reduction targets set by the EU, according to automotive research lead William Roberts.
Comments
Post a Comment