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.
Key Takeaway U.S. auto sales got a strong boost in August thanks to record electric vehicle (EV) demand, but the momentum looks temporary as federal tax credits worth $7,500 expire at the end of September. Automakers are already bracing for a slowdown with layoffs, production cuts, and shifting strategies. EV Sales Surge in August Overall U.S. new-vehicle sales rose 3.7% YoY in August to an annualized rate of 16.4 million units. EVs and plug-in hybrids grabbed 11% market share , up from the usual 8%, as buyers rushed to lock in federal credits before they expire Sept. 30. GM hit a record with 21,000 EVs sold across Chevrolet, Cadillac, and GMC. Hyundai’s EV sales jumped 72% , led by the Ioniq 5. Honda’s Prologue SUV soared nearly 80% , its best month yet. Ford EV sales rose 19% , with the Mustang Mach-E hitting a record. Tesla slipped 6.7% , facing more competition and consumer pushback tied to Elon Musk’s politics. Automakers Brace for Post-Credit Drop GM ...