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.
The battle over electric vehicle (EV) tax credits is intensifying as California Governor Gavin Newsom plans to reinstate state EV purchase credits if President-elect Donald Trump eliminates the Federal EV credit, which offers up to $7,500 per purchase. Tesla’s stock fell 4% on Monday , while Rivian (RIVN) surged over 13% following the announcement. Key Points: California’s Potential Tesla Exclusion: Newsom hinted Tesla might be excluded from state EV credits , citing a cap to “promote innovation and competition.” Tesla’s dominance (accounting for 50% of U.S. EV sales) could place it at a disadvantage under such limits. Federal Credit Phase-Out: Trump is expected to scrap the Federal EV tax credit, impacting affordability for buyers. Analysts believe Tesla, with its global scale and cost efficiency , can weather the change better than rivals like Rivian. Economic Implications: ZEV credits ...