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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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Tesla Recalls Nearly 700K Vehicles Over Tire Pressure Glitch, Fixes via Software Update

Tesla Inc. announced the recall of 694,304 vehicles in the United States on Friday due to a tire pressure monitoring system (TPMS) issue that may fail to alert drivers to low tire pressure.

Key Details

1. Recall Scope

  • Affected Models:
    • Model 3, Model Y, and Cybertruck vehicles.
  • Issue:
    • The TPMS warning light may not stay illuminated between drive cycles, potentially causing drivers to unknowingly operate vehicles with improperly inflated tires, increasing the risk of a crash.

2. Resolution

  • Tesla will address the issue with an over-the-air (OTA) software update, a hallmark of the company’s approach to recalls.

Tesla Recall Trends

1. 2024 Recall Statistics

  • Tesla vehicles accounted for 21% of all US recalls in the first three quarters of the year, according to BizzyCar.
  • Most recalls were resolved through OTA software updates, avoiding the need for physical repairs.

2. September Quarter Recalls

  • Tesla recalled 1,858,774 vehicles, the highest in the US, with all issues addressed via software updates.

3. Cybertruck Recalls

  • In November, Tesla recalled 2,400 Cybertruck units in the US due to a faulty part that could lead to power loss and crash risk. This marked the sixth recall for Cybertruck in 2024.

Impact and Outlook

  • Tesla's ability to resolve issues via software updates minimizes disruption for customers, enhancing its reputation for quick fixes. However, the high volume of recalls highlights quality control concerns that the company will need to address as it scales production.
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