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.
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.