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.
Novo Nordisk, the maker of obesity drug Wegovy , announced plans to cut 9,000 jobs globally as part of a major restructuring aimed at boosting efficiency and fending off fierce competition from Eli Lilly and compounded drugmakers. Key Developments Restructuring plan: The overhaul is expected to generate annual savings of DKK 8 billion (US$1.25 billion) . Novo also flagged DKK 9 billion in one-off restructuring costs . Headcount reversal: The layoffs will reduce staff to early 2024 levels, following a hiring surge that nearly doubled its workforce over the past five years. Profit warning: This marks Novo’s third profit downgrade in 2025 , with guidance for operating profit growth cut to 4%-10% , from a previous 19%-27%. Market and Competitive Context Eroding momentum: Wegovy and diabetes drug Ozempic have seen slowing US sales , while Lilly’s Zepbound overtook Wegovy in prescriptions earlier this year. Product ...