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.
China’s effort to cool down the electric vehicle (EV) price war is seeing little success, as major automakers continue offering steep discounts to lure buyers in an overcrowded and cautious market. Discounts Remain Widespread All of China’s top 20 auto brands either maintained, deepened, or only slightly reduced discounts in July, according to China Auto Market data. Seven brands increased promotions despite Beijing’s June warning against “rat-race competition.” Overall promotions in July were higher than a year earlier , showing muted response to government pressure. Why It’s Hard to Control Prices Analysts note that carmakers are unlikely to slash sticker prices directly, but will continue offering indirect perks , such as: Interest-free financing Complimentary home chargers Cabin upgrades (premium seats, connectivity perks) Average sale prices keep drifting lower as buyers favor cheaper models: BYD: 114,760 yuan (July) vs 116,200 yuan (...