KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
Swiss pharmaceutical giant Novartis announced plans to wind up operations at MorphoSys sites in Munich, Germany, and Boston, USA, by the end of 2025, affecting approximately 330 jobs.
Key Details
Acquisition Context:
- Novartis acquired MorphoSys earlier this year and is restructuring as part of an evaluation of its R&D setup.
Impact on Employees:
- Affected employees, approximately 330 roles, were notified in mid-November.
- Novartis has committed to supporting impacted individuals through the transition.
Official Statement:
- "We have communicated our intention to exit the MorphoSys sites by end of 2025," said a Novartis spokesperson in a statement to Reuters.
- The decision reflects Novartis' evolving research and development priorities.
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