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Market Daily Report: Bursa Malaysia's Key Index Rebounds 0.27 Pct On Heavyweight Buying

KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing.  On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion.   Dealers said that investors were cautious following geopolitical developments in Asia. 
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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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