KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Blink Charging announced on Tuesday that it would lay off about 14% of its global workforce as part of a broader cost-reduction plan, as the electric vehicle (EV) charging equipment maker faces weaker demand in the market. Higher borrowing costs and a shift in consumer preference towards gasoline-electric hybrids have slowed down EV sales , exerting pressure on both electric vehicle manufacturers and companies involved in building the associated charging infrastructure. The job cuts at Blink Charging are expected to generate annualized savings of approximately US$9 million (RM38.28 million) and are planned for completion in the first quarter of 2025, according to a company statement. In a similar move, Tesla laid off employees from its vehicle charging business in May, including the head of the division, surprising automakers that rely on the Tesla Supercharger network. "The timing of these cost-cutting measures, as indicated in our last earnings announcement, is a proactive...