KUALA LUMPUR, Nov 12 (Bernama) -- Bursa Malaysia extended its losing streak for a fourth consecutive session, closing lower on Thursday amid continued broad-based selling that weighed on market sentiment, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 9.23 points or 0.57 per cent to 1,585.96 from Wednesday's close of 1,595.19. The benchmark index opened 3.61 points lower at 1,591.58 and fluctuated between an intraday low of 1,583.66 and a high of 1,592.89 throughout the day. Market breadth remained negative with losers thumping gainers 799 to 318, while 476 counters were unchanged, 1,181 untraded and 13 suspended. Turnover climbed to 3.06 billion units valued at RM2.56 billion compared with yesterday’s 2.90 billion units valued at RM2.33 billion.
Key Takeaway: Pony AI, backed by Toyota, seeks to raise up to $195 million through its US IPO, aiming for a valuation of $4.48 billion , signaling a cautious return of Chinese companies to the US stock market. Chinese self-driving firm Pony AI is pursuing a long-awaited US Nasdaq listing under the symbol "PONY" , offering 15 million American Depositary Shares priced between $11 and $13 each. This move comes as the company adjusts its valuation down from $8.5 billion in 2022 to reflect market conditions, targeting $4 billion minimum . The IPO follows rival WeRide's recent Nasdaq debut and reflects increasing efforts by Chinese self-driving firms to raise funds for scaling operations . Investors including BAIC have indicated interest in purchasing $74.9 million worth of shares , while others agreed to a $153.4 million private placement . Key Challenges and Opportunities: The self-driving sector faces regulatory and profitability hurdles , with significant R&D in...