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.
Key Takeaway: Exxon Mobil plans to reduce 400 jobs in Texas as part of its integration with Pioneer Natural Resources, following the shale producer's acquisition. Exxon Mobil will cut 376 jobs in Irving and 18 in Midland , Texas, as outlined in a filing with the Texas Workforce Commission. The cuts will occur in phases, with 110 employees to be released by the end of 2024 , 178 in 2025 , and 100 in 2026 . Despite the layoffs, Exxon emphasized its commitment to retaining Pioneer’s talent. About 1,900 Pioneer employees were offered jobs , with the majority accepting their offers. “Our employment strategy has not changed — the success of this merger depends heavily on the retention of Pioneer's talented workforce,” the company said in its WARN notice, which is required under US labor law for advance layoff notifications. Exxon Mobil has yet to comment further on the planned reductions.