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Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
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Blink Charging to Cut Global Workforce by 14% Amid Cost-Saving Measures

Blink Charging announced on Tuesday that it would lay off about 14% of its global workforce as part of a broader cost-reduction plan, as the electric vehicle (EV) charging equipment maker faces weaker demand in the market.

Higher borrowing costs and a shift in consumer preference towards gasoline-electric hybrids have slowed down EV sales, exerting pressure on both electric vehicle manufacturers and companies involved in building the associated charging infrastructure.

The job cuts at Blink Charging are expected to generate annualized savings of approximately US$9 million (RM38.28 million) and are planned for completion in the first quarter of 2025, according to a company statement.

In a similar move, Tesla laid off employees from its vehicle charging business in May, including the head of the division, surprising automakers that rely on the Tesla Supercharger network.

"The timing of these cost-cutting measures, as indicated in our last earnings announcement, is a proactive step to adapt to current market conditions while preserving our long-term strategy," said CEO Brendan Jones.

In August, Blink lowered its annual revenue forecast and delayed its target for achieving positive adjusted EBITDA from December 2024 to 2025. As of December last year, the company, headquartered in Bowie, Maryland, employed 706 people.

Blink Charging has sold, contracted, or deployed nearly 85,000 charging stations globally, according to information on its website.

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