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.
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...