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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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Siemens to Cut Up to 5,000 Jobs in Automation Amid Profit Slump

Key Takeaway: Siemens plans to reduce its workforce by up to 5,000 jobs globally in its automation business following a 46% drop in profit in its flagship digital industries segment.

Siemens is set to restructure its automation division, which has struggled with underperformance. CEO Roland Busch confirmed that job cuts, amounting to a low- to medium-sized four-digit figure, are necessary to address the downturn. The company has not disclosed the exact number of roles to be eliminated but noted that the cuts would impact some areas of its 70,000-strong digital industries workforce.

Despite the challenges, Busch expressed confidence in the long-term potential of automation, citing opportunities in mechanizing small and medium-sized enterprises and addressing challenges from shrinking global populations.

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