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.
Citigroup Inc. has reduced its workforce in Singapore by approximately 500 employees as part of a global restructuring effort, according to a report by the Straits Times on Monday. The bank now employs around 8,000 full-time and contract staff in Singapore, down from 8,500 in October. Key Takeaways: • Reduction in Workforce: The reduction is part of a broader strategy to streamline operations by eliminating management layers and roles focused on the Asia Pacific region. • Operational Streamlining: Tibor Pandi, Citi’s Singapore country officer, stated that the restructuring aims to simplify governance, reduce management layers, and expedite decision-making processes. • Strategic Hiring: Despite the reduction, Citi Singapore plans to hire more staff for its expanding wealth business and commercial banking division to support companies growing in the region. Key Risks: • Impact on Morale: Workforce reductions could potentially affect employee morale and produ...