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.
General Motors (GM) will lay off 1,695 workers at its Fairfax Assembly plant in Kansas, as detailed in a recent Worker Adjustment and Retraining Notification (WARN) notice. The layoffs, which will occur in two phases, are part of GM's broader reorganization efforts.
The first round of layoffs, set to begin on November 18, will affect 686 full-time workers temporarily and result in the termination of 250 temporary employees. The second phase, scheduled for January 12, 2025, will see 759 full-time workers temporarily laid off, according to a GM spokesperson.
These layoffs follow GM's announcement in May that it would pause production of the Cadillac XT4 after January 2025, with plans to resume manufacturing in late 2025 for both the Chevrolet Bolt EV and XT4 on the same assembly line. GM is investing US$390 million to upgrade the Fairfax plant for the Bolt EV production.
In addition to these cuts, GM also laid off over 1,000 salaried employees globally in August, impacting its software and service divisions.
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