KUALA LUMPUR, June 22 (Bernama) -- Bursa Malaysia ended on a softer note today as investors engaged in profit-taking following the recent rebound in the local market, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.65 per cent, or 11.19 points, to 1,700.84 from last Friday's close of 1,712.03. The benchmark index opened 1.56 points lower at 1,710.47 and moved between 1,699.94 and 1,712.32 throughout the trading session. Market breadth was negative, with decliners outnumbering gainers 560 to 481. A total of 608 counters were unchanged, 1,649 untraded, and 14 suspended. Turnover slipped to 3.29 billion units worth RM2.40 billion from 3.45 billion units worth RM3.79 billion on Friday.
Striking Boeing Co workers have rejected the company’s latest contract offer, which includes a 30% pay increase over four years. The union representing 33,000 Boeing employees, the International Association of Machinists and Aerospace Workers (IAM), stated that members overwhelmingly deemed the proposal “inadequate” and “disrespectful.”
“You’ve told us loud and clear that this proposal didn’t go far enough to address our members’ priorities,” the union said in a statement. The union is seeking to resume either mediated or direct talks to resolve the stand-off, which has halted production of key Boeing models, including the 737 Max.
Boeing bypassed traditional negotiating sessions by directly presenting the offer to workers, a move that frustrated union leaders. While the company withdrew a September 27 deadline for the offer’s acceptance, it faces mounting pressure to resolve the strike, as its jetliner factories near Seattle remain idle, severely impacting its finances.
The proposed contract includes a 30% wage increase, an annual bonus, a $6,000 payout, and higher 401K contributions. However, union members, represented by IAM District 751, are demanding more, particularly in light of Boeing's long-standing labor relations. The strike’s continuation poses a serious threat to Boeing’s already strained finances and could affect its investment-grade credit ratings.
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