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: Siemens plans to reduce its workforce by up to 5,000 jobs globally in its automation business following a 46% drop in profit in its flagship digital industries segment. Siemens is set to restructure its automation division, which has struggled with underperformance. CEO Roland Busch confirmed that job cuts, amounting to a low- to medium-sized four-digit figure , are necessary to address the downturn. The company has not disclosed the exact number of roles to be eliminated but noted that the cuts would impact some areas of its 70,000-strong digital industries workforce . Despite the challenges, Busch expressed confidence in the long-term potential of automation , citing opportunities in mechanizing small and medium-sized enterprises and addressing challenges from shrinking global populations .