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.
President Donald Trump's tariff policy has raised concerns across the auto industry, and Tesla is no exception. Tesla's Concerns: Tesla sent an unsigned letter to the U.S. Trade Representative (USTR), warning about the potential negative impact of retaliatory tariffs on the electric vehicle (EV) maker. In the letter, Tesla noted that as a U.S. manufacturer and exporter , it encourages the USTR to consider the downstream impacts of actions taken to address unfair trade practices. Tesla emphasized that U.S. exporters could face disproportionate impacts when countries respond to the U.S. trade actions. Context of the Trade War: Canada has placed 25% tariffs on approximately $30 billion of U.S. goods, including steel and aluminum, in retaliation for Trump's tariffs. While cars aren’t included in this particular retaliation, there’s ongoing concern about future tariffs on the...