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.
Key Takeaway: Trump's team targets eliminating the $7,500 EV tax credit , which could stall the US electric vehicle (EV) transition, hurt Tesla’s competitors, and reshape the auto industry landscape. President-elect Donald Trump’s transition team is preparing to eliminate the $7,500 consumer EV tax credit , a key component of President Biden’s Inflation Reduction Act (IRA) . The proposal is part of a broader tax-reform agenda to fund other initiatives, including extending Trump-era tax cuts. Impact on EV Market and Automakers: Tesla’s Advantage: Tesla CEO Elon Musk supports ending the tax credit, citing its long-term benefit to Tesla by weakening competitors like General Motors (GM) and Ford , which are still ramping up EV production. Tesla sold nearly half of all US EVs in Q3 2024 and benefits from lower production costs. Musk noted that removing the subsidy would be "devastating" for competitors but manageable for Tesla. Competitor Challenges: Rivals like GM, Ford,...