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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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tanChart Merges Industries Team into M&A, Cuts Over 20 Jobs

Standard Chartered has consolidated its industries coverage team into its dedicated mergers and acquisitions (M&A) advisory unit, resulting in the elimination of more than 20 roles globally. The restructuring is part of a broader effort to reduce duplication and streamline operations within the bank, according to a source familiar with the matter.

Key Highlights:

  • Team Consolidation: The industries coverage team has been absorbed into the M&A advisory team, effectively doubling the size of the M&A unit to over 100 bankers.

  • Job Reductions: While some roles from the dissolved industries team will be integrated into the bank's wider coverage and capital markets teams, approximately two dozen positions will be cut to avoid overlap.

  • Strategic Reorganisation: This move is part of a larger reorganisation announced on March 12, aimed at enhancing the bank's focus on key cross-border clients and improving accountability within its corporate and investment banking division.

  • Leadership: Roberto Hoornweg and Sunil Kaushal, who were appointed co-heads of corporate and investment banking earlier this year, are overseeing the reorganisation, which also involves the elimination of the bank's regional reporting structure.

  • Revenue Focus: The reorganisation is designed to boost revenue from non-direct financing sources and target growth sectors identified by the bank.

Standard Chartered’s latest restructuring efforts reflect a strategic shift towards a more streamlined and focused approach in its investment banking operations, with a clear emphasis on enhancing efficiency and accountability.

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