KUALA LUMPUR, March 10 (Bernama) -- Bursa Malaysia rebounded to end higher today with the benchmark FBM KLCI reclaiming the 1,700 psychological level, supported by improved global sentiment after US President Donald Trump signalled a potential de-escalation of the Iran conflict, alongside Malaysia’s stronger Industrial Production Index (IPI) data. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 27.51 points, or 1.64 per cent, to 1,701.68 from yesterday’s close of 1,674.17. The benchmark index opened 10.68 points higher at 1,684.85, its lowest point today, and hit a high of 1,703.61 in the late afternoon session. Market breadth was positive, with gainers thumping losers 929 to 382. A total of 361 counters were unchanged, 982 untraded and 19 suspended. Turnover declined to 3.60 billion units worth RM3.75 billion from yesterday’s 5.52 billion units worth RM5.87 billion.
Shares of Mobileye Global (ticker: MBLY) soared on Tuesday, rising 5.1% to $16.02 after the company revealed it would be working with Volkswagen (VW) and parts supplier Valeo to enhance advanced driver-assistance systems (ADAS) up to Level 2+.
The new collaboration is aimed at upgrading Volkswagen's systems, which already include features like lane-keeping assistance, adaptive cruise control, and automatic braking. Level 2+ systems are considered more advanced than Level 2 but still require full driver attention. The long-term goal for automakers and suppliers like Mobileye is to evolve these technologies to a point where cars can handle more driving tasks autonomously, reducing the need for driver intervention.
The news is a positive for Mobileye, as it continues to compete in the autonomous-driving sector against other tech giants like Alphabet's Waymo and Tesla. Mobileye’s collaboration with VW is seen as a step forward in the automotive industry's transformation toward more autonomous features.
Despite the gains on Tuesday, Mobileye stock has faced challenges this year. As of Tuesday, shares were still down 23% year-to-date and down 51% over the past 12 months. High inventory levels have impacted sales estimates and investor confidence. However, the company is expected to generate $1.8 billion in revenue in 2025, a decline from earlier estimates of $2.7 billion.
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