KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
Volkswagen AG has issued its second profit warning in three months, signaling deepening challenges for Europe’s largest automaker . The company slashed expectations for revenue, profit, and cash flow on Friday due to weakening demand, predicting it will sell fewer vehicles in 2024 than in 2023—marking the fourth sales slump in five years. This decline underscores Volkswagen’s difficulties, particularly its struggles with the shift to electric vehicles (EVs) and its shrinking market share in China , where local competitors like BYD have surged ahead. Volkswagen’s VW, Audi, and Porsche brands are losing relevance, especially in China’s rapidly evolving EV market, while competition from Tesla and Chinese EV makers continues to squeeze profits. In China, once a key market for Volkswagen’s gasoline-powered cars , the company has failed to adapt quickly to the EV revolution , allowing local rivals to gain ground with innovative, affordable models. To counteract this, Volkswagen is cl...