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 Trump’s new 25% import tariffs on foreign cars are poised to deal a major financial hit to Germany’s top carmakers — with Porsche AG and Mercedes-Benz Group AG taking the brunt of the impact. What’s Happening: New tariffs take effect April 3 , potentially slashing around 25% of Porsche and Mercedes’ 2026 projected operating earnings , according to Bloomberg Intelligence. The estimated hit: €3.4 billion (US$3.7 billion or RM16.2 billion) . Automakers may have to raise prices or shift more production to the US to absorb the blow. Market Reaction: Porsche shares fell 5% , Mercedes down 5.2% , BMW -4.9% , Volkswagen -4.3% , and Aston Martin tumbled 8.9% in London. The tariffs threaten Europe’s export-heavy auto industry , particularly German brands , which ship a large portion of their high-margin vehicles like the Porsche 911 and Mercedes S-Class to the US. Industry Concern...