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.
Bank Reverses Expansion Plans in China’s Digital Wealth Market HSBC is cutting nearly half of its workforce at Pinnacle, its China digital wealth business , with around 900 job reductions , sources told Reuters . Pinnacle, launched in 2020 , was meant to drive HSBC’s digital insurance and fund sales in China. The cost-saving move highlights the challenges HSBC faces in growing its China business amid a broader restructuring push . Cost Review & Workforce Reduction HSBC reviewed Pinnacle’s staff compensation and supplier expenses last year , finding a sharp increase in costs outpacing revenue. More than 500 insurance agents have already left since June 2024 as the bank scaled back operations. The layoffs will affect 100 staff at Pinnacle’s fintech unit , while another 300 will be reassigned within HSBC China . HSBC’s China Strategy & Restructuring HSBC has long positioned China as a key growth market , committing $6 bill...