KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Republican presidential candidate Donald Trump declared on Thursday that if he wins the 2024 election, no state will be allowed to ban gasoline-powered cars or trucks. Trump made the auto industry's future a focal point of his campaign as he seeks votes in Michigan, a crucial swing state home to the Detroit Three automakers.
Speaking at a rally in Saginaw, Michigan, Trump stated, "When I'm president, no state in America will be permitted to ban gas-powered cars or trucks, and I guarantee it—no way. You're going to make them right here."
This announcement directly challenges California's plan to transition to electric and plug-in hybrid vehicles by 2035, which has also been adopted by 11 other states. California has requested a waiver from the Environmental Protection Agency (EPA) to enforce the ban under the Clean Air Act. The state’s regulations mandate that 35% of new cars sold must be plug-in or zero-emission by 2026, rising to 100% by 2035.
President Joe Biden's administration has not endorsed a specific date to phase out gasoline-powered vehicles but aims for 50% of new vehicles to be electric by 2030. The EPA’s new emissions rules project that up to 56% of new vehicles sold between 2030 and 2032 would need to be electric to meet stringent emissions limits.
Automakers have expressed concerns about California's 2035 plan, noting that while it may work in California, other states with lower EV sales face greater uncertainty in meeting the requirements. California's EV rules are expected to cut smog-causing pollution by 25% by 2037 and generate US$301 billion in benefits through 2040, despite estimated costs of US$210 billion.
Comments
Post a Comment