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.
Blink Charging announced on Tuesday that it would lay off about 14% of its global workforce as part of a broader cost-reduction plan, as the electric vehicle (EV) charging equipment maker faces weaker demand in the market. Higher borrowing costs and a shift in consumer preference towards gasoline-electric hybrids have slowed down EV sales , exerting pressure on both electric vehicle manufacturers and companies involved in building the associated charging infrastructure. The job cuts at Blink Charging are expected to generate annualized savings of approximately US$9 million (RM38.28 million) and are planned for completion in the first quarter of 2025, according to a company statement. In a similar move, Tesla laid off employees from its vehicle charging business in May, including the head of the division, surprising automakers that rely on the Tesla Supercharger network. "The timing of these cost-cutting measures, as indicated in our last earnings announcement, is a proactive...