KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
Shares of BYD Co fell in Hong Kong on Monday after reports confirmed Warren Buffett’s Berkshire Hathaway has fully exited its long-held stake in the Chinese electric vehicle giant.
Market Reaction
BYD stock slid as much as 3.6%, the steepest drop in three weeks.
The stock is already down about 30% from its all-time high four months ago, as China’s EV industry faces an intense price war.
The selloff made BYD one of the worst performers on the Hang Seng China Enterprises Index.
Berkshire’s Exit
CNBC reported Sunday that Berkshire Hathaway had sold its entire holding, citing a spokesperson confirmation.
A Berkshire Hathaway Energy filing valued the BYD stake at zero as of March 31.
Berkshire first invested in September 2008, buying 225 million shares. From then until March this year, BYD shares surged over 4,500%.
Berkshire began gradually trimming its stake in mid-2022; after the holding dropped below 5% last year, disclosures were no longer required.
BYD’s Transformation
Once a battery supplier for cell phones, BYD has become China’s largest electric and hybrid vehicle maker over the past two decades.
The investment was originally championed by Charlie Munger and Himalaya Capital’s Li Lu, leading Buffett to back the company.
Despite recent share weakness, BYD remains a key player in China’s EV market, though competition is eroding margins.
BYD’s Response
In a statement posted on Chinese social media platform Weibo, BYD executive Li Yunfei said:
“We’re grateful to Munger and Buffett for their recognition of BYD and for their 17 years of investment, support, and companionship.”
BYD emphasized that buying and selling are natural parts of stock investing, while thanking Berkshire for its long-term partnership.
Key Takeaway
Buffett’s full exit closes a landmark 17-year investment that helped fuel BYD’s rise into China’s EV leader. While investors see the departure as a sentiment drag, the company’s fundamentals now face a bigger test: navigating fierce domestic competition and maintaining growth in a maturing EV market.
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