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.
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 ...