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.
Shares of Uber Technologies (UBER.US) and Lyft Inc. (LYFT.US) fell sharply after Waymo, the autonomous ride-hailing subsidiary of Alphabet, announced plans to expand its driverless operations to Miami.
Key Developments:
- As of 12:20 PM ET Thursday, Uber's stock was down 6.22%, while Lyft dropped 6.15%.
- Waymo plans to deploy its all-electric Jaguar I-PACE vehicles in Miami starting in early 2025.
- The company aims to launch its Waymo One ride-hailing service to Miami riders by 2026, leveraging a new fleet partnership with Moove, a global leader in mobility solutions.
Waymo's Growing Footprint:
- Initially developed in Google's X research lab in 2009, Waymo became a standalone company in 2016.
- Waymo currently operates electric vehicle ride-hailing services in major markets, including Los Angeles, San Francisco, and Phoenix.
Industry Impact:
Waymo's expansion represents increased competition for traditional ride-hailing platforms. The move highlights the growing role of autonomous vehicles in reshaping urban transportation markets. As Waymo broadens its reach, Uber and Lyft face mounting pressure to adapt to this evolving landscape.
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