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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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China’s Cosco Shipping and Fortescue Partner to Build Green Fuel Supply Chain

 

China’s Cosco Shipping Corp has entered into a preliminary agreement with Australia’s Fortescue Metals Group to develop a green fuel supply chain aimed at reducing pollution in the shipping industry, the Chinese company announced on Monday.

Key Takeaways:

  • Green Fuel Collaboration: The memorandum of understanding between Cosco Shipping and Fortescue includes the exploration of constructing and deploying green ammonia-fueled vessels. These vessels will be used to transport iron ore and other minerals, significantly cutting carbon emissions in the China-Australia iron ore green shipping corridor.

  • Commitment to Sustainability: "We are committed to increasing cooperation with global partners to actively promote the green and sustainable development in the shipping industry throughout its life cycle," stated Cosco Shipping, headquartered in Shanghai, via its WeChat account.

  • Decarbonization Goals: Fortescue, known as the world’s fourth-largest iron ore supplier and an integrated green technology, energy, and metals company, emphasized the importance of this cooperation. "The cooperation marks another big step in decarbonizing the shipping industry ... These solutions will be integral to achieving our net zero Scope 3 emission target by 2040," Fortescue said.

  • Recent Developments: Fortescue's executives have been in China recently, engaging with potential partners for joint projects. On July 25, CEO Dino Otranto highlighted these discussions.

  • Innovative Trials: Earlier this year, Fortescue conducted the world’s first trial using ammonia as a shipping fuel in the port of Singapore, demonstrating its commitment to pioneering green fuel technologies.

This partnership between Cosco Shipping and Fortescue represents a significant move towards reducing the environmental impact of the shipping industry and advancing green technology in global logistics.

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