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Market Daily Report: Bursa Malaysia Ends Higher On Positive Sentiment, CI Up 0.83 Pct

KUALA LUMPUR, Nov 6 (Bernama) -- Bursa Malaysia closed higher today, buoyed by supportive local economic policies, positive sentiment from strong technology stocks earnings, and a favourable United States (US) market outlook, an analyst said. Add to that, Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 3.0 per cent is poised to encourage domestic spending and investment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.47 points, or 0.83 per cent, to close at its intraday high of 1,634.17, compared to Tuesday’s close of 1,620.70. The benchmark index opened 3.71 points higher at 1,624.41 and subsequently hit a low of 1,623.52 in early trade before trending upwards toward the closing session. Market breadth was positive, with advancers trumping decliners 849 to 352, while 428 counters were unchanged, 765 untraded, and nine suspended. Turnover expanded to 3.39 billion units
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Chevron Eyes Potential Job Cuts as Part of US$3 Billion Cost-Reduction Plan

Chevron Corp has flagged potential workforce reductions in the United States as part of its US$3 billion cost-cutting initiative. The oil giant aims to achieve these “structural” savings through asset sales, technology upgrades, and workflow changes, according to CEO Mike Wirth.

Chevron recently established a US$1 billion innovation hub in Bengaluru, India, to support engineering and digital services, indicating a shift in operational focus that may impact U.S.-based roles.

“It’s about much, much more than just jobs,” Wirth emphasized, noting that job cuts are only a small part of Chevron’s broader strategy to enhance efficiency in its commodity-driven business model.

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