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.
Tesla (TSLA.US) stock climbed on Thursday, reaching $369.16 in late trading, up 3.14%, as excitement grows over the company's upcoming Cybercab and ambitious robotaxi plans. This follows Wednesday's close at a 52-week high and the stock's continued momentum toward levels not seen since April 2022.
Key Developments Driving the Surge:
- Cybercab Unveiling and Cost EfficiencyTesla's purpose-built robotaxi, the Cybercab, is expected to begin sales in 2026. A Tesla engineer revealed the vehicle will use 50% fewer parts than a Model 3, significantly lowering production costs.Tesla also plans to launch its self-driving robotaxi service in late 2025, initially leveraging current models equipped with advanced driver-assistance systems.
- A Trillion-Dollar OpportunityWedbush analyst Dan Ives called the self-driving business a "trillion-dollar opportunity", underscoring the potential market impact of Tesla's autonomous technology.
Delivery and Growth Outlook:
- Tesla's management forecasts Q4 deliveries of at least 515,000 units, aiming for 20%-30% delivery growth in 2025 with the introduction of a new lower-priced model.
- Wall Street estimates vary:
- Goldman Sachs projects 510,000 units for Q4 and maintains a Hold rating with a $250 price target.
- Guggenheim estimates 491,000 deliveries and rates the stock Sell with a $175 target.
- Elon Musk’s Pay DisputeDelaware's Chancery Court recently voided Musk's 2018 pay package, which included 300 million stock options. Tesla plans to appeal the decision. Analysts suggest a revised pay structure may be costly due to Tesla’s skyrocketing stock price.
Analyst Perspectives:
- Morgan Stanley’s Adam Jonas sees the pay ruling as a minor distraction, maintaining a Buy rating and a $310 price target, while noting Tesla's robust stock performance.
- Tesla shares have risen by 42% since the Nov. 5 election, reflecting investor confidence in its innovation and future prospects.
With Cybercab production, a growing autonomous driving business, and strategic product launches, Tesla continues to capture market enthusiasm despite delivery concerns and regulatory challenges.
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